UEM Sunrise Berhad (UEMS, 5148)

• Share price has surged 14% since our last technical buy call on 18 Mar 2024.

• UEM may extend its upward trajectory after breaking out from a one-week rectangular pattern witha long white candle on Wednesday. In view of the stock hitting a new 52-week high, coupled with the improving EMAs, which signal a continuation of the ongoing uptrend.

• We expect the rising momentum is set to steer the stock higher and test the next level of resistanceof RM1.28 (R1) and RM1.35 (R2) in the near term.

• On the downside, stop-loss is set at RM1.05, below the 20-day EMA.

• Fundamentally, we like UEMS as it stands to gain substantially from the dynamic ecosystem ofIskandar Malaysia, especially within the Johor-Singapore Special Economic Zone (SEZ). As the key developer in Iskandar Puteri, it is primed to capitalize on increasing demand for properties driven by industrial and data center expansion.
  

Source: Rakuten Research - 29 Mar 2024

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