M+ Online Morning Market Buzz - 18 Aug 21

Dow Jones: 35,343.28 pts (-282.12pts, -0.79%)
⬆ Resistance:  36400
⬇ Support:  34500

FBM KLCI: 1,523.59 pts (+20.69pts, +1.38%)
⬆ Resistance:  1560
⬇ Support:  1470

HSI Index: 25,745.87 pts (-435.59pts, -1.66%)
⬆ Resistance:  27400
⬇ Support:  25200

Crude Palm Oil: RM4,408 (-RM39, -0.88%)
⬆ Resistance:  4660
⬇ Support:  4200

Brent Oil: $69.03 (-$0.48, -0.69%)
⬆ Resistance:  73.40
⬇ Support:  66.80

Gold: $1,786.19 (-$1.26, -0.07%)
⬆ Resistance:  1840
⬇ Support:  1690

M+ Online Technical Focus - 18 Aug 21
Success Transformer Corporation Bhd: Brightening up the scene

Trading Catalyst
• Engaged in the manufacturing and marketing of electrical apparatus, industrial lighting and metal products focusing on metal casing and stamping parts with products exported to over 40 countries.
• Demand for light-emitting diode (LED) street lighting, especially from government-related projects will continue to anchor domestic growth.
• Solid balance sheet with net cash position of RM116.6m in 3QFY21, translating to net cash per share of 46.4 sen (c.52.7% of share price).
• Technically, price has experienced a trendline breakout above RM0.865, targeting the next resistances at RM0.94-RM0.99 with long term target at RM1.05.

Technical View

(i) SUCCESS (S: RM0.815, R: RM0.94-0.99, LT TP: RM1.05, CL: RM0.81)

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

Source: Bloomberg, M+ Online

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