Ramunia Holdings (RH MK; RM0.52) – SELL
FY12P/E: N/A, P/BV: 2.1x
• Ramunia’s countertrend rebound may have ended. Prices stopped rising
after the candles hit the 38.2% FR level. Looking at the chart, its 50-day and
30-day SMAs, at RM0.60 and RM0.61 respectively, would also put a lid on
the bulls.
• MACD continues to hover in the negative territory while RSI has flattened
out. A fall below its previous low of RM0.495 would likely indicate more
correction ahead.
• Immediate support is at RM0.495, followed by RM0.455 and RM0.42 next.
However, always put a buy stop at RM0.625, just in case.
Ramunia Holdings Bhd, through its subsidiaries, fabricates offshore oil and
gas related structures. The company's core activities include fabrications of
major steel structures, engineering, and offshore marine services.
Mulpha International (MIT MK; RM0.48) – SELL
FY12P/E: N/A, P/BV: 0.4x
• Mulpha is still trapped in a downtrend channel. Recently, the bull tried to
make a comeback but it appears that the bears were strong here. Even if it
were to swing above this trend line, its 50-day and 30-day SMAs would also
put a lid on the bulls.
• MACD is in the red while RSI is near the oversold territory. Unless prices
inch above RM0.58, the odds will favour the bears.
• Traders may want to wait for a slip below yesterday's low of RM0.465 before
joining the bears' camp. Next supports are RM0.435 and RM0.40. Put a buy
stop at RM0.52, just in case.
Mulpha International Berhad is a diversified company. The company's focus is
on real estate and property-related services and financial services, with
operations and investments in Malaysia, Vietnam, Singapore, People's
Republic of China, Hong Kong and Australia.
CB Industrial Product (CBP MK; RM3.74) – SELL
FY12P/E: N/A, P/BV: 1.8x
• CB Industrial Product breached its medium term support trend line
yesterday. This could be seen as a prelude to more downside ahead. If
prices continue to stay below this support-turned-resistance trend line, there
is a high probability that prices may have peaked at RM4.63.
• Technical landscape is deteriorating. MACD has slipped deeper into the
negative zone while RSI too has hooked downward.
• Although prices could still bounce back a tad higher, we think gains are
likely capped at RM3.87-RM4.12. Hence, selling into strength looks like a
good option here. Support is at RM3.46 and RM3.30.
CB Industrial Product Holdings Berhad is an investment holding company.
Though its subsidiaries, the company manufactures, markets, and trades palm
oil mill equipment and related spare parts. CB Industrial also provides
engineering support and contract work for palm oil mills, retails machinery and
hardware, and has operation in project management.
Please read carefully the important disclosures at the end of this publication.
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