– UEM Land Holdings (ULHB MK; RM1.60, BUY) – Waiting for a breakout.
– Zelan (ZELN MK; RM0.935, BUY) – Still holding firm within its consolidation triangle.
– Scomi Group (SGB MK; RM0.605, BUY) – Hovered in a base-building formation.
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UEM Land Holdings (ULHB MK; RM1.60) – BUY
FY10P/E: 57.1x, P/BV: 2.7x
• UEM Land’ share prices have corrected and have been trading very much in a sideways manner for the past 2 months or so. It has formed a triangle pattern in the process.
• After recent consolidation, its technical landscape looks decent. MACD is still in positive territory while the RSI is hovering at the neutral zone.
• Risk takers may start to nibble now, as a break out above its key triangle resistance at RM1.66 would probably lift the stock towards RM1.76 and RM1.80 next. Cut loss however if it falls below RM1.54.
UEM Land Holdings Bhd is a real estate investment and development company. The company's activities include property development and land sales. The Company develops a range of projects including industrial, commercial, residential, healthcare and mixed used properties, government offices, universities, and others.
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Zelan (ZELN MK; RM0.935) – BUY
FY10P/E: 16.4x, P/BV: 0.9x
• Zelan is still holding firm within its consolidation triangle. Yesterday’s pick up in trading volume probably suggest that the bulls are trying to push out of this consolidation pattern. A breakout above the RM0.96 resistance is bullish for the stock.
• RSI is neutral at 54 while MACD has just confirmed its golden cross. It also closed above its 30-day and 50-day SMA yesterday, which could see a further pick up in buying momentum.
• Aggressive trader may want to buy now but be prepared to cut losses if prices fall below RM0.85. A breakout could see the stock climb to retest RM1.05 and possibly even the June highs of RM1.12.
Zelan Berhad is an investment holding company. The company, through its subsidiaries, operates civil engineering and building turnkey contracting services.
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Scomi Group (SGB MK; RM0.605) – BUY
FY10P/E: 6.3x, P/BV: 0.6x
• On the daily chart, it appears that Scomi is also in a base-building formation called a triangle after hitting a high of RM0.825 in June. It is currently trading near the triangle support. As long as prices do not fall below RM0.57, the triangle pattern is still valid.
• Therefore, there could be some scalping opportunities. Risk takers may start to nibble now, hoping for an upswing that could probably take out the resistance at RM0.65. The next resistance is at RM0.72-0.74.
• The indicators are still weak, probably suggesting that it is still consolidating. Placing a stop below RM0.57 is a must. Immediate support is at RM0.60.
Scomi Group Berhad sells drilling mud and chemical products, provides drilling fluids materials, equipment, and services, manufactures and fabricates road transport equipment and material handling equipment, operates marketing agent for road transport equipment, and provides leasing on motor vehicles.
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