M+ Online Morning Market Buzz - 16 Feb 22

Dow Jones: 34,988.84 pts (+422.67pts, +1.22%)
⬆ Resistance:  36600
⬇ Support:  33700

FBM KLCI: 1,599.61 pts (+15.77pts, +1.00%)
⬆ Resistance:  1640
⬇ Support:  1510

HSI Index: 24,355.71 pts (-200.86pts, -0.82%)
⬆ Resistance:  25600
⬇ Support:  23800

Crude Palm Oil: RM5,474 (-RM71, -1.30%)
⬆ Resistance:  5890
⬇ Support:  5190

Brent Oil: $93.28 (-$3.20, -3.32%)
⬆ Resistance:  98.80
⬇ Support:  88.30

Gold: $1,853.61 (-$17.57, -0.94%)
⬆ Resistance:  1920
⬇ Support:  1790

M+ Online Technical Focus - 16 Feb 22
Wellcall Holdings Bhd: Focusing onto high-mix, low-volume (HMLV) products

Trading Catalyst
• The largest original equipment manufacturer (OEM) rubber hose manufacturer in Malaysia with approximately 90.0% of their products are exported overseas.
• Continue to focus on the high-mix, low-volume (HMLV) products that is well customised for its clients.
• Equipped with a net cash position of RM68.8m, translating to net cash per share of 13.8 sen (c.10.4% of share price) and adopts a dividend policy of minimum 50.0% pay-out from net profit.
• Technically, the recovery mode may lift price higher to target the next resistances at RM1.38-1.45 with long term target set at RM1.55.

Technical View

(i) WELLCAL (S: RM1.23, R: RM1.38-1.45, LT TP: RM1.55, CL: RM1.22)

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

Source: Bloomberg, M+ Online

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