Monday, 12 March 2012

CIMB Research has technical buy on MEGB at RM1.06

KUALA LUMPUR (March 12): CIMB Equities Research has a technical buy on Masterskill Education Group at RM1.06 at which it is trading at a FY13 price-to-earnings of 9.6 times and price-to-book value of 0.8 times.

It said on Monday that MEGB, after it had violated the triangle support, the share price fell to a low of 97 sen before bouncing to current levels.

“We think that the 97 sen low would likely be its near term support. Hence, risk takers may consider taking some position here,” it said.

CIMB Research said the MACD histogram bars are falling at a slower pace, suggesting that buying momentum is slowly picking up. RSI has also recovered from the oversold territory.

“The immediate target to beat is RM1.16. Once this level is taken out, the bulls will likely charge towards RM1.24 and RM1.38,” it said.

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