KUALA LUMPUR (Jan 26): SUPERMAX CORPORATION BHD []’s share price dipped in relatively thin trade at midday on Thursday as its one-for-one bonus issue went ex on Thursday.
At 12.30pm, it was down four sen to RM2.15. There were 1.13 million shares done at prices ranging from RM2.15 to RM2.25.
The bonus issue involved 340.07 million new shares of 50 sen each to be credited as fully paid-up on the basis of one bonus share for every one existing share held at 5pm on Jan 30.
Earlier Thursday, CIMB Research said it had a technical sell on Supermax at RM2.195 at which it was trading at a FY13 price-to-earnings of 19.1 times and price-to-book value of 2.0 times.
The research house said the rebound from its September 2011 low appeared to have exhausted. It pointed out that last Friday’s sharp pullback violated its short term uptrend channel and this could be seen as a prelude to more downside ahead, it added.
“If we are right, the candles are likely to fall towards RM2.00 and RM1.90 in the near term,” it said.
CIMB Research said sell into strength looks like a good option here, especially near the RM2.30-RM2.40 resistances. Only a sharp rise above RM2.50 would prompt it to review its call on Supermax.
At 12.30pm, it was down four sen to RM2.15. There were 1.13 million shares done at prices ranging from RM2.15 to RM2.25.
The bonus issue involved 340.07 million new shares of 50 sen each to be credited as fully paid-up on the basis of one bonus share for every one existing share held at 5pm on Jan 30.
Earlier Thursday, CIMB Research said it had a technical sell on Supermax at RM2.195 at which it was trading at a FY13 price-to-earnings of 19.1 times and price-to-book value of 2.0 times.
The research house said the rebound from its September 2011 low appeared to have exhausted. It pointed out that last Friday’s sharp pullback violated its short term uptrend channel and this could be seen as a prelude to more downside ahead, it added.
“If we are right, the candles are likely to fall towards RM2.00 and RM1.90 in the near term,” it said.
CIMB Research said sell into strength looks like a good option here, especially near the RM2.30-RM2.40 resistances. Only a sharp rise above RM2.50 would prompt it to review its call on Supermax.
