M+ Online Morning Market Buzz - 29Sep21

Dow Jones: 34,299.99 pts (-569.38pts, -1.63%)
⬆ Resistance:  35800
⬇ Support:  33400

FBM KLCI: 1,546.82 pts (+13.77pts, +0.90%)
⬆ Resistance:  1580
⬇ Support:  1500

HSI Index: 24,500.39 pts (+291.61pts, +1.20%)
⬆ Resistance:  25400
⬇ Support:  23700

Crude Palm Oil: RM4,447 (+RM53, +1.21%)
⬆ Resistance:  4590
⬇ Support:  4130

Brent Oil: $79.09 (-$0.44, -0.55%)
⬆ Resistance:  82.40
⬇ Support:  73.10

Gold: $1,734.01 (-$16.15, -0.92%)
⬆ Resistance:  1830
⬇ Support:  1700

M+ Online Technical Focus - 29Sep21
Padini Holdings Bhd: Improving retail malls footfall to support recovery

Trading Catalyst
• Operates more than 100 retail stores, covering 1.5m sqf of gross floor area under several household brands such as Vincci, Vincci+, Vincci Accessories, Tizio, Padini Authentics, PDI, Padini, Seed, Miki and P&Co.
• Improvement in retail malls footfall and adoption of digital marketing channels is expected to support earnings recovery.
• Equipped with a healthy balance sheet with a net cash position of RM130.2m, translating to net cash per share of RM0.20 (c.6.5% of share price).
• Technically, traders may anticipate for a potential flag-formation breakout above the RM3.06 level to target further upside towards the next resistances at RM3.15-3.23 with long term target at RM3.37.

Technical View

(i) PADINI (S: RM2.95, R: RM3.15-3.23, LT TP: RM3.37, CL: RM2.94)

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

Source: Bloomberg, M+ Online

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