M+ Online Morning Market Buzz - 13 Oct 21

Dow Jones: 34,378.34 pts (-117.72pts, -0.34%)
⬆ Resistance:  35700
⬇ Support:  33200

FBM KLCI: 1,583.91 pts (+13.09pts, +0.83%)
⬆ Resistance:  1620
⬇ Support:  1510

HSI Index: 24,962.59 pts (-362.50pts, -1.43%)
⬆ Resistance:  26000
⬇ Support:  23400

Crude Palm Oil: RM4,855 (-RM100, -2.02%)
⬆ Resistance:  5090
⬇ Support:  4700

Brent Oil: $83.42 (-$0.23, -0.27%)
⬆ Resistance:  86.30
⬇ Support:  77.50

Gold: $1,760.18 (+$6.03, +0.34%)
⬆ Resistance:  1820
⬇ Support:  1720

M+ Online Technical Focus - 13 Oct 21
Kerjaya Prospek Group Bhd: Underpinned by strong orderbook

Trading Catalyst
• One of Malaysia’s leading construction players with strong historical track record of completion of notable projects such as St. Mary Residences, The Shore Mixed Commercial Development, EcoSky Condominum and Vista Residences.
• Solid unbilled orderbook of RM3.40bn that represents an orderbook-to-cover-ratio of 4.2x against FY20 revenue of RM811.0m will provide earnings visibility for the next 3 years.
• Equipped with a healthy balance sheet with a net cash position of RM195.0m in 2QFY21, translating to net cash per share of 15.7 sen (c.12.3% of share price).
• Technically, traders may anticipate for a breakout above RM1.29 to target the next resistances at RM1.38-1.41 with long term target at RM1.53.

Technical View

(i) KERJAYA (S: RM1.21, R: RM1.38-1.41, LT TP: RM1.53, CL: RM1.2)

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

Source: Bloomberg, M+ Online

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