KUALA LUMPUR: CIMB Equities Research has a Buy on Telekom Malaysia at RM4.05 where it is trading at FY12 price-to-earnings of 20.3 times and a price-to-book value of 1.9 times.
'The stock appears to have formed an ascending triangle and it could soon breakout on the upside. Prices have also held steady above the moving averages,' it said on Thursday, May 5.
CIMB Research said the MACD is about to reconfirm its golden crossover while its RSI is back above the 60-pts mark. With RSI back on a rising trend, it expects prices to kick upwards sooner rather than later.
'Aggressive traders may start to buy now ahead of the breakout with a stop placed below RM3.95. A breakout above RM4.10 would likely send prices higher towards RM4.25-RM4.30. The following resistance is at RM4.48,' it said.
'The stock appears to have formed an ascending triangle and it could soon breakout on the upside. Prices have also held steady above the moving averages,' it said on Thursday, May 5.
CIMB Research said the MACD is about to reconfirm its golden crossover while its RSI is back above the 60-pts mark. With RSI back on a rising trend, it expects prices to kick upwards sooner rather than later.
'Aggressive traders may start to buy now ahead of the breakout with a stop placed below RM3.95. A breakout above RM4.10 would likely send prices higher towards RM4.25-RM4.30. The following resistance is at RM4.48,' it said.
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