KUALA LUMPUR: CIMB Equities Research has a Buy on Muhibbah Engineering at RM1.80, at which it is trading at a FY12 price-to-earnings of 9.0 times and price-to-book value of 1.5 times.
It said on Monday, June 13 Muhibbah Engineering broke out of its triangle pattern last Friday. It sees this as a prelude to more upside ahead. The next upswing should lift prices towards its 52-week high of RM1.93, before heading towards RM2.13 next.
'Technical landscape remains compelling. MACD continues to linger in the positive territory while RSI is also rising.
'Any pullback is an opportunity to accumulate. Always put a stop at RM1.76-RM1.71 depending on one's risk appetite. A slip below its 30-day SMA would suggest that the stock is heading for a prolonged consolidation,' it said.
It said on Monday, June 13 Muhibbah Engineering broke out of its triangle pattern last Friday. It sees this as a prelude to more upside ahead. The next upswing should lift prices towards its 52-week high of RM1.93, before heading towards RM2.13 next.
'Technical landscape remains compelling. MACD continues to linger in the positive territory while RSI is also rising.
'Any pullback is an opportunity to accumulate. Always put a stop at RM1.76-RM1.71 depending on one's risk appetite. A slip below its 30-day SMA would suggest that the stock is heading for a prolonged consolidation,' it said.
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