Friday, May 20, 2011

CIMB Research has Buy on Genting Malaysia at RM3.62

KUALA LUMPUR: CIMB Equities Research has a Buy on Genting Malaysia Bhd at RM3.62, at which it is trading at FY12 price-to-earnings of 13.9 times and price-to-book value of 1.8 times.

It said on Friday, May 20 Genting Malaysia appears to be forming a bullish flag pattern. If prices can hold on steady above its recent low of RM3.55, there is a good chance that the candles may take out its 30-day SMA soon.

'Technical landscape is improving. MACD histogram bars are falling at a slower pace while its RSI has also hooked upward.

'Risk takers may start to nibble now while others should wait for a push above its 50-day SMA before taking any position. The next resistance level is seen around the RM3.77-3.84 levels. Always place a stop at below the RM3.55 low,' it said.

No comments:

Post a Comment