Bahvest Resources Bhd (BAHVEST, 0098)

• Share price has surged 26% since our last technical buy call on 25 March 2024.

• BAHVEST is poised for a potential bullish breakout from the U-shape pattern, targeting to surpassthe neckline of RM0.61. In view of the increasing trading volume and share price pulling further away from all the EMAs, we believe the stock has a decent opportunity to experience the breakout.

• In the event it breaks above the RM0.61 neckline, this will improve buying interests and lift the stocktowards the subsequent level of RM0.63 (R1), followed by RM0.70 (R2).

• On the downside, stop-loss is set at RM0.52.

• Fundamentally, BAHVEST stands to benefit from the recent surge in global gold price. In 1QFY24,the company produced over 150kg of gold but sold only 65.87kg, leaving a surplus inventory that could be sold at higher prices amid the current gold price rally. With increased mining production and the continuing upward trend in gold prices, BAHVEST is set to capitalize on these favorable market conditions.

Source: Rakuten Research - 21 May 2024

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