1. In Mar 2023, PTRB had a massive fall from an intra day high of 68.5 sen to 46.5 sen. As what we have expected, since than the counter has consolidated and traded in a range between 51 sen and 45 sen.
2. On Apr 14th, the 9 day and 26 day moving average lines intercepted. And sadly a huge attempt by the bulls to cross over the 26 day moving average line ended up in futility. With that unsuccessful phenomenon, the upwards momentum has ceased.
3.The daily trading price began to weaken and the gap between the 9day and 26day moving average lines has alarmingly widened.
4. In the last 5 days of trading, prices had been falling faster and decisively broken below both the 9 and 26 day MA. 5. According to the candlesticks chart and its various indicators, this is a bearish signal, strong and clear indication that going forward price will continue to weaken preceding a greater fall.
6. With RSI at 41 level ,the bears are active. Further havoc could bring it down to 25 points level in which case the price would move further south and be unthinkable.
7. At 46 sen the counter is trading at 10.4x price earning and at the bottom price between the range with diminishing daily volume. The lackluster transaction and declining volume indicate that the key player is gone.
8. In the absence of any positive corporate news, business and project announcement, market is anxiously awaiting the forthcoming quarter result announcement. A less than favorable result and a missed quarter in earning would further deteriorate the share price. 9. Stock market and share price move in advance of economic fundamental, corporate news and earnings announcement. 10 The current weakness and falling prices could be a precursor for greater calamity and distress in the coming days. 11. Let,s be forewarned.
1. After a violent storm with volumn and volatility in March, PTRB consolidated for 2 months. Over a period of hibernation and recuperation the bears have regained strength and ready to charge again.
2. This week it moves out of consolidation and resumes with its value destroying process. Price has weaken and fallen continually.
3. It is executing the most excruciating form of torture that is killing loyal investors silently and stealthily, slowly and surely.
4. This is my personal perception of the counter and it is not intended to influence your investment strategy and plan. Happy trading 25/5/23
still no volume... have to wait... need to c the price move back to 44-45 range... if not, most probably will deep back to 38-39 range... what do u guys think?
1. The share price of PTRB has moved out of consolidation. The counter remains bearish. Its share price has weaken and continued to fall.
2. How much can it drop and how hard can it fall?. Technically, PTRB has just completed a Shoulder Head Shoulder SHS pattern and formation. The left shoulder is peak at 44 sen and the head is at 68 sen with the right shoulder at 52 sen. The neckline is at 45 sen.
3. The SHS pattern is interpreted as a bullish to bearish trend reversal and it also signal the end of an uptrend as in PTRB. 4. Notice that on 18th May share has fallen and broken through the neckline at 45sen. Price continue to tumble and slip further to close at 41 sen today on 29th May.
5. Where does it go from here?. Basing on the candlesticks chart and the SHS formation, once the share price cut through the neckline it will remain in its course and continue with its fall. The quantum of fall is equal to the distance from the neckline to the head. That average up to about 20sen considering PTRB has a lower and higher head.
7 If the chart is observed and accepted as a guide, than the share price could eventually slide from 45 sen minus 20 sen and technically settle at 25 sen.
8. Is this possible in the coming months? Share valuation is base on earning basis. That means only profit will drive up share price. Fundamentally, according to PTRB's filing with Bursa, its 1Q profit was 7.5m, 2Q 8.3M and 3Q 1.9m. We are not insider and we do not have a clue on its final quarter earnings. The easiest way is to annualize the profit base on the three quarters available earnings. Hence,[ (7.5+ 8.3+1.9) / 3 ] x 4 is 23.6m
9 The issued share capital of PTRB is 535m and therefore the prospective year end earnings per share EPS is 23.6/535 = 4.4 sen.
Now, let's look at the share price and PE of several companies in the similar industry. CAB 66 SEN pe 5.69X TEO SENG 90 SEN PE 7.27X LHI 57 SEN PE 9.59X CCK 73 SEN PE 6.9X LAY HONG 30 SEN PE7.97X
The average PE of these companies is 37.42 / 5 is 7.48x If ptrb is valued at PE 7.48x of its EPS than, its year end value would be 33 sen.
10 Fundamentally it could be worth 33 sen and technically basing on SHS chart it could slip further to 25 sen.
11. This is just a guesstimate and it is hopeful that you have been enlightened and informed and benefited from an alternative view and perception of the counter.
12. It is not intended to dampen your investing spirit. My analysis could also turn to be horribly incorrect. Happy trading 29/5/23
touched 45c... this is a good sign.... have to see whether it can break 45 with volume... if this happened, most probably will go to the range of 50-55c.. hopefully that's the case ...
usually price pull up before QR release has only 2 possibilities : a ) Good earning going to release and investor buy before hand, or b) Pull up and insider dump before bad QR release.
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Posted by Mikecyc > 2023-05-12 15:34 |
Post removed.Why?