CIMB Research has Buy on ECM Libra at 89.5 sen

KUALA LUMPUR: CIMB Retail Research has a Buy on ECM Libra Financial Group at 89.5 sen, where it is a trading at a price-to-book value of 0.7 times.

The research house said on Tuesday, April 19 ECM hit a 52-week high of 99.5 sen in early April but prices have since taken a step back. The correction stopped near the 38.2% FR level with a doji reversal sign, indicating that the 88 sen low could be its short term bottom.

'However, only risk takers should look at this stock. The recovery is in its early stage and this is still a possibility that prices may continue to fall on from here. Cut losses if 88 sen is violated,' it said.

CIMB Research said the MACD has flattened out while RSI is also gyrating sideways. On the upside, resistance is at 93.5 sen, 99.5 sen and RM1.05.

ECM Libra advances after surge in 4Q earnings

KUALA LUMPUR: ECM Libra Financial Group Bhd shares advanced on Wednesday, March 30 after its earnings surged 250% to RM45.84 million in the fourth quarter ended Jan 31, 2011 from RM13.12 million a year ago, boosted by higher brokerage and fee income and also from trading and investment securities.

At 9.45am, ECM Libra was up 4.5 sen to 87 sen with 4.74 million shares done.

Its revenue doubled to RM105.84 million from RM46.79 million a year ago while earnings per share were 5.61 sen. It proposed dividend of 4.25 sen per share.

For the financial year ended Jan 31, 2011, net profit rose 59.7% to RM65.21 million from RM40.81million in the previous financial year. Revenue rose 60.2% to RM214.64 million from RM133.96 million.