The strategy I am talking is to earn good dividends in tough times like now. Participate in ES going to mainboard and if all goes well, perhaps celebrate at your target price of 0.80 which frankly is no issue based on fundamentals. Take it easy….
@Michael Yeo, I read it and if true, that’s really bad. Another Enron possibility but EY doesn’t want to end up like Arthur Anderson the then Enron auditor. Big mistake for this small and profitable company to court these fellows. Luckily they have exited and Directors must learn their lesson. Transparency is important.
Glove ASP drop to average so all glove stock will drop. This is market force (supply & demand). Stock price might go down by average RM0.40 ? Well we all dunno...
Technically it looks to be about to test the 7th December intraday low of 45 cents. Too early to say if yesterday's (Friday) price drop on increased volume is capitulation but if I was a holder then I'd be hoping it was.
A break below 45/46 could turn ugly, so I definitely hope that is not the outcome for holders. Downtrend Fibonacci figures for a break of 46 are, 40,33.5 and 28.5. Those numbers indicate how important this 45/46 support level is!
Disclaimer: Purely technical interest for me here as I'm not a holder. Hope you all get a price turn around next week.
On to today. Currently sitting at 47.5 with an intraday low of 46.5. Technically important that it remains above 46, otherwise the above figures may come into play.
Current overall market sentiment is very negative, however an upcoming quarterly report (between now and Wednesday closing) that can either match or surpass the previous quarter's report may help the stock remain above that critical support.
Best of luck, hope it works out well for all holders.
Esceram is not making gloves thus does not affected with gloves ASP coming down. They are making formers and must be replaced every 2 years. So there will be repeat business for them.
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shrewdinvestor
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Posted by shrewdinvestor > 2021-06-27 18:03 | Report Abuse
The strategy I am talking is to earn good dividends in tough times like now. Participate in ES going to mainboard and if all goes well, perhaps celebrate at your target price of 0.80 which frankly is no issue based on fundamentals. Take it easy….