– MK Land Holdings (MKL MK; RM0.415, BUY) – Based-building pattern seen.
– Ann Joo Resources (AJR MK; RM2.46, BUY) – Bouncing off its trend line support and key SMAs.
– OSK Holdings (OSK MK; RM1.40, SELL) – Still languished in a rising wedge pattern.
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MK Land Holdings (MKL MK; RM0.415) – BUY
FY10P/E: N/A, P/BV: 0.5x
• The stock has been gyrating around its key SMAs over the past few weeks. Last Friday’s spike-up may fuel optimism for further upswing. Immediate resistance is at RM0.43 followed by RM0.455 and RM0.475 next.
• Its MACD is about to turn positive while the RSI signal line is also rising. The improving technical landscape suggests more room to the upside.
• Despite our positive stance on the stock, traders should always keep stop tight at below RM0.335. Accumulate on weakness.
MK Land Holdings Berhad is an investment holding company which provides management services. Through its subsidiaries, the company develops and invests in properties. MK Land Holdings also manages hotel, resort, and water theme park.
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Ann Joo Resources (AJR MK; RM2.46) – BUY
FY10P/E: 8.6x, P/BV: 1.5x
• The stock bounced off its trend line support and key SMAs last week. With the improving technical landscape, we think there is further room to the upside. Resistance is seen at RM2.60-RM2.70.
• MACD indicator has just confirmed its golden cross while its RSI is also rising.
• Traders with higher risk appetite may want to buy now. However, always keep stop tight at RM2.18.
Ann Joo Resources Berhad is an investment holding company which trades, retails, and supplies building and construction materials and steel and iron products. Ann Joo also trades hardware and steel materials and is involved in property management.
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OSK Holdings (OSK MK; RM1.40) – SELL
FY10P/E: N/A, P/BV: 0.6x
• The stock is still languished in a rising wedge pattern. The longer it stays below the resistance trend line, the less chance it will break above that level. Near term gains would likely be capped at RM1.48-RM1.50.
• MACD shows bearish divergence while its RSI also hooks downward. This would undermine any recovery effort.
• Traders may want to take some profits now and buy back later. Support is at RM1.33 and RM1.23. Once the 30-day SMA cut below the 50-day SMA, expect selling pressure to intensify further.
OSK Holdings Berhad is an investment holding company. Through its subsidiaries, the company provides stock broking, underwriting and placement of securities, corporate finance and advisory, investment management, and unit trust management services. OSK Holdings also invests and develops properties and trades futures and commodities.
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