Thursday, September 8, 2011

CIMB Research has technical sell on MAHB

KUALA LUMPUR: CIMB Equities Research has a technical sell on Malaysia Airport Holdings at RM6.29, at which it is trading at a FY12 price-to-earnings of 15.7 times and'' price-to-book value of 2.0 times.

It said on Thursday, Sept 8 that prices broke below its key support trend line back in August and the following rebound failed to reclaim this line.

'Due to this failure, we think that the selling pressure could intensify in the short to medium term,' it said.

CIMB Research said with both its MACD and RSI in negative mode, it would not be surprised if further selling took place.

'Any rebound should be viewed as a chance to sell into strength. The resistance at RM6.48-6.58 are likely to keep the bulls in check. A break below RM6.05 would see prices fall below RM5.72 towards RM5.50 next,' it said.

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