KUALA LUMPUR: CIMB Equities Research has a Technical Sell on QSR Brands at RM5.86 at which it is trading at a FY12 price-to-earnings of 14.3 times and price-to-book value of 1.9 times.
It said on Friday, Aug 26 that the fall from RM6.58 appears impulsive and the current move is likely a short term corrective rebound. Prices have rebounded to its 50%FR levels and reversed but we would not be surprised if prices climbed again to test its 62%FR at RM6.21.
CIMB Research said either way, a break below the RM5.62 levels would signal that the next downleg is underway, targeting RM4.83-RM4.90. The following support is at RM4.55.
'The stock is a sell as both its indicators are looking weak at the moment. We would review our call only if prices take out the RM6.58 high,' it said.
It said on Friday, Aug 26 that the fall from RM6.58 appears impulsive and the current move is likely a short term corrective rebound. Prices have rebounded to its 50%FR levels and reversed but we would not be surprised if prices climbed again to test its 62%FR at RM6.21.
CIMB Research said either way, a break below the RM5.62 levels would signal that the next downleg is underway, targeting RM4.83-RM4.90. The following support is at RM4.55.
'The stock is a sell as both its indicators are looking weak at the moment. We would review our call only if prices take out the RM6.58 high,' it said.
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