Stock Name: MRCB
Company Name: MALAYSIAN RESOURCES CORP
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research has a Buy on MALAYSIAN RESOURCES CORP [] Bhd (MRCB) at RM2.19 at which it is trading at a FY12P/E of 30.3 times and P/BV of 2.3 times.
It said on Thursday, June 9 that MRCB remains trapped within its sideways consolidation triangle despite what it believes is the final leg lower that completed the pattern.
'Prices are also swirling around the moving averages, which supports the sideways view. Technical landscape is flat, which is in line with the sideways triangle view. However, both indicators are building a firm base above their respective support,' it said.
CIMB Research said MRCB could be poised for strong rally soon and breakout of this triangle pattern. Closing above the triangle support at RM2.30 would likely confirm that prices are headed towards RM2.41 and RM2.47 next, where the latter is its 78.6%FR of its 2007-2008 drop.
Company Name: MALAYSIAN RESOURCES CORP
Research House: CIMB
KUALA LUMPUR: CIMB Equities Research has a Buy on MALAYSIAN RESOURCES CORP [] Bhd (MRCB) at RM2.19 at which it is trading at a FY12P/E of 30.3 times and P/BV of 2.3 times.
It said on Thursday, June 9 that MRCB remains trapped within its sideways consolidation triangle despite what it believes is the final leg lower that completed the pattern.
'Prices are also swirling around the moving averages, which supports the sideways view. Technical landscape is flat, which is in line with the sideways triangle view. However, both indicators are building a firm base above their respective support,' it said.
CIMB Research said MRCB could be poised for strong rally soon and breakout of this triangle pattern. Closing above the triangle support at RM2.30 would likely confirm that prices are headed towards RM2.41 and RM2.47 next, where the latter is its 78.6%FR of its 2007-2008 drop.
No comments:
Post a Comment