Dow Jones: 34,715.39 pts (-313.26pts, -0.89%)
⬆ Resistance:  36800
⬇ Support:  34000

FBM KLCI: 1,527.75 pts (-2.58pts, -0.17%)
⬆ Resistance:  1600
⬇ Support:  1500

HSI Index: 24,952.35 pts (+824.50pts, +3.42%)
⬆ Resistance:  25500
⬇ Support:  23500

Crude Palm Oil: RM5,187 (+RM36, +0.69%)
⬆ Resistance:  5340
⬇ Support:  4820

Brent Oil: $88.38 (-$0.06, -0.07%)
⬆ Resistance:  91.30
⬇ Support:  82.40

Gold: $1,839.29 (-$1.25, -0.07%)
⬆ Resistance:  1890
⬇ Support:  1770

M+ Online Technical Focus - 21 Jan 22
HPMT Holdings Bhd: Gradual capacity expansion

Trading Catalyst
• One of the leading high performances cutting tools manufacturer in South East Asia, supported by distributors spread across more than 30 countries.
• Balance of RM26.5m from IPO proceeds will be partly utilise to fund the acquisition of additional 2 computer numerical controlled machine in 2022.
• Demand for cutting tools is expected to continue to grow in line with the expansion of the manufacturing sector.
• Technically, price has formed a short-term resistance breakout above RM0.665 and may target the next resistances at RM0.735-0.76 with long term target at RM0.80.

Technical View

(i) HPMT (S: RM0.635, R: RM0.735-0.76, LT TP: RM0.80, CL: RM0.63)

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

Source: Bloomberg, M+ Online

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