RHBInvest Research Highlights 18th October 2010

Monday, October 18, 2010

Top Story


  • Setting the pace towards transformation.
  • Consequently, our end-2011 FBM KLCI target remains unchanged at 1,640

Corporate Highlights


  • To be taken private.
  • We revised our fair value from RM4.76 to RM4.60.
  • We downgrade PLUS from outperform to underperform.

Technical Highlights

Daily Trading Strategy:

  • Key support level is near the 10-day SMA
  • FBM KLCI continued to retreat on intensifying profit-taking activities upon the announcement of the 2011 Budget by the PM.
  • The benchmark could revisit the key supportive level near the 10-day SMA of 1,483 soon.
  • However, we remain optimistic and expect the bargain-buying support to return near the 10-day SMA.

Daily Technical Watch: Axiata Group

  • Forming a support near the SMAs prior to any technical recovery.
  • Immediate Support at RM4.40
  • Immediate Resistance at RM4.66

Weekly Trading Idea: CMS

  • Forming base at >RM2.68 before technical rebound.
  • Strategy: Buy on weakness near RM2.68 for a technical rebound soon.
  • Immediate Resistance at RM2.82
  • Immediate Support at RM2.68
  • Exit: Cut loss if it falls below the 40-day SMA near RM2.59.


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