Sentiment towards BREM has been bullish over the past few weeks following newspaper reports, which pointed out that its NAV/share is worth RM8.32 if the group revalues its assets. More recently, a report by Kwong Wah Yit Poh highlighting BREM’s under-valuation lent further impetus to the stock, with the share price rallying 25 sen to RM2.24 yesterday. As a result, a bullish “Pennant” formation has taken shape on the daily chart to signal a continuation of the prior uptrend. Should follow-through momentum continue, we reckon that BREM could potentially extend its gains to RM2.70 next. Traders should look to take profit 3 bids below the “Pennant” TP at RM2.67, while employing a stop-loss level at RM1.93.

 

Source: Kenanga