KUALA LUMPUR (Jan 31): CIMB Equities Research has a technical buy on SBC Corp at 94.5 sen at which it is trading at a price-to-book value of 0.3 times.
It said on Tuesday that SBC Corporation broke out of its consolidation triangle pattern on Monday on strong volume.
“We view this as a prelude to more upside ahead. If we are right, there is a good chance that prices may re-rate towards 99.5 sen and RM1.04 in the medium term,” it said.
CIMB Research said the MACD signal line was picking up, suggesting that buyers were slowly making a comeback. RSI was also above the 50 points mark, it added.
“Any pullback towards its key moving averages at 91.5 sen to 89 sen is an opportunity to accumulate. Be quick to cut loss if 88.5 sen is breached,” it said.
It said on Tuesday that SBC Corporation broke out of its consolidation triangle pattern on Monday on strong volume.
“We view this as a prelude to more upside ahead. If we are right, there is a good chance that prices may re-rate towards 99.5 sen and RM1.04 in the medium term,” it said.
CIMB Research said the MACD signal line was picking up, suggesting that buyers were slowly making a comeback. RSI was also above the 50 points mark, it added.
“Any pullback towards its key moving averages at 91.5 sen to 89 sen is an opportunity to accumulate. Be quick to cut loss if 88.5 sen is breached,” it said.
