Dow Jones: 26,671.95 pts (-62.76pts, -0.23%)
⬆ Resistance:  27700
⬇ Support:  25500

FBM KLCI: 1,596.33 pts (+23.02pts, +1.46%)
⬆ Resistance:  1650
⬇ Support:  1540

HSI Index: 25,089.17 pts (+118.48pts, +0.47%)
⬆ Resistance:  26700
⬇ Support:  24500

Crude Palm Oil: RM2,614 (+RM94, +3.73%)
⬆ Resistance:  2680
⬇ Support:  2340

Brent Oil: $43.14 (-$0.23, -0.53%)
⬆ Resistance:  44.80
⬇ Support:  41.00

Gold: $1,810.42 (-$13.13, -0.73%)
⬆ Resistance:  1860
⬇ Support:  1760

M+ Online Technical Focus - 20 Jul 20
Kelington Group Bhd: Back to business

Trading Catalyst
• Established presence across regional markets; backed by notable clients include Infineon, Panasonic, Taiwan Semiconductor Manufacturing Company (TMSC), Seagate, Western Digital and Biocon.
• Supported by outstanding orderbook of RM321.0m to provide earnings visibility over the next 12-18 months.
• At RM1.03, price is trading at FY21f PE of 14.1x, which is below the 2Y historical average at 15.5x, suggesting some upsides in our view.
• Technically, price has experienced a trendline breakout above RM1.00, signalling for further recovery towards RM1.12-RM1.17 with long term target at RM1.33.

Technical View

(i) KGB (S: RM0.95, R: RM1.12-1.17, LT TP:RM1.33, CL:RM0.94)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Economic Releases For The Week (20/7/2020-24/7/2020):

21/7/2020
JP - Japan's Inflation Rate, 7.30AM

22/7/2020
MY - Malaysia's Inflation Rate, 12.00PM
US - United States' Existing Home Sales, 10.00PM

23/7/2020
UK - United Kingdom's Retail Sales, 4.30PM

24/7/2020
US - United States' New Home Sales, 10.00PM

Source: Trading Economics, M+ Online

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