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Perisai Petroleum Teknologi (PPT MK; RM0.83) – BUY
FY12P/E: 8.6x, P/BV: 2.4x
• Despite our technical buy rating on 7th Apr, Perisai continued to consolidate
sideways. At this juncture, we are still keeping to our short term bullish
stance on the stock unless prices breached its recent low of RM0.80.
• MACD has turned negative but RSI is above the 50pts mark. We are not
overly concern about its recent pullback as this is likely to be short term.
• Once the candles swing above its downward slopping resistance trend line
(now at RM0.865), the next upside targets are RM0.895 and RM0.93. Be
quick to cut loss once RM0.80 is violated.
Perisai Petroleum Teknologi Berhad is an investment holding company. The
company, through its subsidiaries, manufactures, supplies, commissions, and
installs corrosion control products as well as inspects and maintains pipes,
risers, and heat exchangers for oil and gas industry.
Tomypak Holdings (TOMY MK; RM1.03) – BUY
FY12P/E: 4.1x, P/BV: 1.3x
• Tomypak broke out of its downtrend resistance channel a few weeks ago.
Currently, it is building a base near the 30-day and 50-day SMAs.
• We think the risk return tradeoff favours the bulls. Support is found around
the RM0.95-RM0.90 range while the upside resistance is seen at RM1.10
and RM1.16. A swing above its 200-day SMA would confirm that the bulls
are in command.
• Technical landscape is improving. MACD histogram bars have turned
positive while RSI has also hooked upward.
Tomypak Holdings Berhad is an investment holding company. Through its
subsidiaries, the company manufactures and trades plastic packaging
materials, polyethylene, polypropylene films and sheets, and thermoforming
sheets.
Mieco Chipboard (MIEC MK; RM0.71) – BUY
FY12P/E: N/A, P/BV: 0.5x
• Recent pullback dragged prices towards its 50% FR level but prices have
since rebounded a tad higher. A short term bottom could have been formed
at RM0.66.
• Although technical landscape is easing, the candles are holding steadily
above its key moving averages. Hence, we think this correction could be
temporary.
• We see any pullback as an opportunity to accumulate. Only a fall below
RM0.66 would prompt us to review our call. Meanwhile, resistance is at
RM0.75 and RM0.83.
Mieco Chipboard Berhad is an investment holding company which
manufactures chipboards. Through its subsidiaries, the company sells and
markets chipboards, along with procuring, reforesting, harvesting, extracting,
and supplying rubberwood.
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