Friday, July 8, 2011

CIMB Research has Buy on Maybank at RM8.97

KUALA LUMPUR: CIMB Equities Research has a technical Buy on MALAYAN BANKING BHD [] at RM8.97 at which it is trading at a FY12 price-to-earnings of 13.4 times and price-to-book value of 2.2 times.

It said on Friday, July 8 Maybank is consolidating in a triangle pattern with prices holding above all its key moving averages. The bulls continue to dominate here and it expects prices to swing past the resistance trend line soon.

'Technical landscape remains compelling. MACD is hovering in the positive territory while RSI is also above the 50pts mark. Once the RM9.26 level is taken out, the following resistance levels are RM9.48 and RM9.90.

'Aggressive traders may start to nibble now while others should only go long after RM9.26 is taken out. Always put a stop at below RM8.57,' it said.

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