Recall that on 14-Jan 2015, we issued a trading buy call on PMETAL with a TP of RM3.00. The share price has since rallied along to meet our TP yesterday, translating to a gain of 24.5% within a one-month time frame. Recently, the company mentioned that the prospect of the Group looks promising as they are looking at a 10-12% increase in aluminium production by year-end as phase two of its smelting facility is running at full capacity, while the group is already in the midst of expanding into phase three of its new plant. Technical-wise, the underlying uptrend remained intact as the share price is currently trading above all its SMA looking to retest its multi-month resistance level of RM3.20. MACD and RSI indicator are also showing the buying momentum is piling up, supporting of the bulls. Thus, on the backed of the above-mentioned positives, we are upgrading our TP from RM3.00 To RM3.20 with a strict stop-loss capped at RM2.92 (3- bids below the immediate support level of RM2.95) to secure our previous gains.

Source: Kenanga