M+ Online Morning Market Buzz - 9 Feb 22

Dow Jones: 35,462.78 pts (+371.65pts, +1.06%)
⬆ Resistance:  36400
⬇ Support:  34200

FBM KLCI: 1,530.09 pts (-0.56pts, -0.04%)
⬆ Resistance:  1570
⬇ Support:  1490

HSI Index: 24,329.49 pts (-250.06pts, -1.02%)
⬆ Resistance:  25200
⬇ Support:  23700

Crude Palm Oil: RM5,449 (-RM97, -1.78%)
⬆ Resistance:  5870
⬇ Support:  5250

Brent Oil: $90.78 (-$1.91, -2.06%)
⬆ Resistance:  95.90
⬇ Support:  86.30

Gold: $1,825.92 (+$5.45, +0.30%)
⬆ Resistance:  1870
⬇ Support:  1760

M+ Online Technical Focus - 9 Feb 22
Evergreen Fibreboard Bhd: Recovery on the cards

Trading Catalyst
• History traces back since 1972 as a timber trading and veneer manufacturing company and subsequently expanded into manufacturing of medium density fibreboard, particleboard, furniture, value-added wood-based products & resin.
• Malaysia operations may emerge from the implementation of Full Movement Control Order (FMCO) that affected 4 months of operations.
• Relatively low net gearing of 0.1x and is largely trading below the book value per share (BVPS) of RM1.21.
• Technically, price has experienced a flag-formation breakout above RM0.535, targeting the next resistances at RM0.58-0.60 with long term target set at RM0.65.

Technical View

(i) EVERGRN (S: RM0.50, R: RM0.58-0.60, LT TP: RM0.65, CL: RM0.495)

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

Source: Bloomberg, M+ Online

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