OSK Research: Technical outlook for Maybulk bearish

Maybulk Weekly Chart

KUALA LUMPUR: OSK Research said MALAYSIAN BULK CARRIERS BHD []’s (Maybulk) share price has been dropping rather quickly of late after having experienced two major technical breakdowns in the last three months.

It said on Wednesday, July 6 both the stock’s near-term and mid-term technical outlooks are firmly bearish at the moment.

“We have identified three strong support levels which may be preventing its share price from falling further. These are the RM2.09, RM1.93 and RM1.78 levels,” it said.

OSK Research said however, the stock has yet to exhibit any signs of bottoming out. To the upside, there is immediate resistance at the RM2.29 level, followed by the RM2.36 level.

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Stocks to watch: Pos Malaysia, HELP, TA Enterprise, Maybulk

KUALA LUMPUR: The FBM KLCI posted six straight days of gains last Friday, March 25, with the FBM KLCI up 0.77% or 11.66 points to 1,515.55 following the recent aftermath of the Japan earthquake and the on-going Mid-East turmoil but trading is expected to be lacklustre in the week ahead.

On Friday, Wall Street advanced for a third straight day, giving the S&P its best weekly performance since early February, but volume remained light as global uncertainty persisted.

The Dow Jones industrial average gained 50.03 points, or 0.41%, to 12,220.59. The Standard & Poor's 500 Index rose 4.14 points, or 0.32%, to 1,313.80. The Nasdaq Composite Index added 6.64 points, or 0.24%, to 2,743.06.

For the week, the Dow gained 3.1%, the S&P climbed 2.7% and the Nasdaq advanced 3.8%.

As for Bursa Malaysia, overall trading has been lacklustre and gains restrained also on concerns of high oil price, rising food prices and the impact on inflation, which is forecast to climb between 2.5% and 3.5% this year.

Malaysia’s consumer price index rose 2.9% in February 2011 from a year ago as prices for food & non-alcoholic beverages and non-food rose. The CPI rose 0.5% from January. For the period of January-February, the CPI rose 2.7% from the previous corresponding period.

The index for food & non-alcoholic beverages and non-food for the month of February 2011 showed increases of 4.7% and 2.1% respectively as compared to the same month in 2010.

While the market has managed to eke out marginal gains, investors are expected to nibble on selected stocks with on-going news, including RHB Capital and companies which announced their results including HELP INTERNATIONAL CORPORATION [] Bhd and TA ENTERPRISE BHD.

Companies like POS MALAYSIA BHD, MALAYSIAN BULK CARRIERS BHD and PACIFICMAS BHD would see trading interest after declaring dividends.

Pos Malaysia declared dividends totaling 17.5 sen for the financial year ended Dec 31, 2010.

PacificMas announced a windfall, with an interim dividend of RM1.398 per share less 25% income tax (net RM1.0485 per share) and single tier dividend of 30 sen per share (tax exempt) for the financial year ending Dec 31, 2011.

Maybulk declared a final single tier dividend of 10 sen per share for the financial year ended Dec 31, 2010. The dividend would be paid on May 6 this year.

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Maybulk declares final dividend of 10c per share

KUALA LUMPUR: MALAYSIAN BULK CARRIERS BHD [] declared a final single tier dividend of 10 sen per share for the financial year ended Dec 31, 2010.

It said on Friday, March that the dividend would be paid on May 6 this year.

For the financial year ended Dec 31, Maybulk net profit fell to RM238.37 million from RM243.79 million, on the back of revenue RM404.25 million.

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Maybank IB Views

COMPANY UPDATE
Top Glove Corporation RM4.75: Hold
Tide is turning Shariah-compliant

Can't get any worse. We see limited downside from current level: (i) share price has fallen 22% since our downgrade in Sep '10 and is close to our old TP of RM4.70; (ii) earnings may bottom in 2QFY11 (expected to be flat QoQ) and sequentially, driven by new capacities in 2HFY11; (iii) latex cost has stabilised and is set to fall by May after the "wintering season". Our DCF-derived TP is lowered to RM4.55 (from RM4.70) after tweaking our FY11-12 forecasts (-5-11%). But, downside to our TP from current level is only 4%, hence we raise Top Glove to a Hold.


KNM Group RM2.53: Buy
Momentum rising Shariah-compliant

Earnings could surprise on the upside. We concur with KNM's industry perspective of an improving operating outlook. Post briefing, we cut 2011 EPS estimate by 13% but are keeping 2012-13 forecasts unchanged. There is room for upgrades, for our 2012 earnings forecast is 21% below guidance. KNM remains a Buy and we expect the stock to gain traction once it proves its ability to deliver on earnings.


Sunway Holdings RM2.20: Buy
Sunny skies: Another job win Shariah-compliant

Looking bright. The latest RM74m contract brings to total RM369m job wins for the year to date. We expect job win momentum to pick up, based on by a huge RM16b tender book. Sunway is a Buy with a fair value of RM2.85 (11x 2011 PER) and a merger offer price of RM2.60.


Technicals
The FBM KLCI slipped 6.87 points yesterday to close at 1,515.74. Its resistance areas of 1,515 and 1,530 will cap market gains, whilst the obvious support areas are located at 1,498 and 1,512.

Trading Idea is a Sell call on MAYBULK


Other Local News
Sime Darby: Plantation unit explores potential investment in vegetable oil plant in Europe. Sime Darby Plantation has identified the Languedoc-Roussillon region in France as a potential location to establish its multi-feedstock vegetable oil processing plant as part of its strategy to expand into key areas around the world. The proposed plant, to be located in the coastal town of Port-la-Nouvelle, will help to meet the growing demand for edible oil in Southern Europe and North Africa. (Source: Bursa Malaysia)

AirAsia: Thai AirAsia eyes at least USD150m from IPO. Thai AirAsia plans to raise at least USD150m (RM454.5m) from its initial public offering (IPO), which is targeted by the end of this year. Thai AirAsia has named Credit Suisse Securities (Thailand) Ltd, CIMB Securities (Thailand) Ltd and Thanachart Securities Public Co Ltd as its joint lead underwriters. (Source: Business Times)

Nestle Malaysia: Budgets up to RM120m for capex. Nestle Malaysia Bhd has budgeted RM100m to RM120m to expand its capacity this year. The increase in capacity allows the group to expand its export market, namely Indonesia and Philippines, as well as the domestic market. (Source: The Edge Financial Daily)

QSR: Sets up Cambodian unit. QSR Brands Bhd has incorporated a company in Cambodia, Integrated Poultry Industry (Kampuchea) Pte Ltd, for the purpose of operating a broiler and processing production in Phnom Penh. (Source: Bursa Malaysia)

FDI: Invest KL targets 10 MNCs annually. Invest KL, expected to be launched by end-April, is targeting to attract at least 10 multinational companies (MNCs) annually to invest in Kuala Lumpur and the Klang Valley. Invest KL had attracted two MNCs, Schlumberger and Vale, so far. (Source: The Star)

Transportation: Feasibility studies on high-speed KL-Singapore rail. The Government is currently undertaking feasibility studies on a high-speed rail connecting Kuala Lumpur and Singapore. The feasibility studies would take about eight weeks to complete. (Source: The Star)

Telco: P1 part of SK Telecom's larger plans. While investors may have turned sceptical towards loss-making WiMAX player Packet One Networks Sdn Bhd (P1), its new strategic partner SK Telecom (SKT) believes there is much value in P1's wireless business as a launchpad for SKT's aspiration to expand regionally in Southeast Asia. SKT said that either P1 or Green Packet could become part of SKT's expansion plans in Southeast Asia later. (Source: The Edge Financial Daily)

Economics: External reserves increased slightly in the second half of February 11 to RM338.6b (USD109.8b) as at 28 February 11 from RM338.0b (USD109.6b) on 15 February 11. The latest reserve amount is equivalent to 8.1 months of retained imports and 4.3 times short-term external debt. (Source: Bank Negara)

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Maybulk at the 61.8% Fibonacci Extension Level

Maybulk Weekly Chart April 2009

Maybulk rebound when touching 123.6% Fibonacci level last year and continue to increase further as well as the volume traded recently. Current support seen at the RM2.53 and resistant at RM3.25. But RSI-14weeks already in overbought area which I think it will be more in selling mode for few weeks after this. If the price can exceed the current resistant, next level will be at RM3.50.

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Tenaga, TM and Maybulk With Their Fibonacci Level

Maybulk Share Price November 2008

Maybulk close: RM2.16
Trend: Downtrend

TM Share Price November 2008

TM close: RM3.00
Trend: Still Uptrend

Tenaga Share Price November 2008

Tenaga close: RM6.10
Trend: Downtrend

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Maybulk Make Technical Rebound?

As you can see from the photo below, last candle on the weekly chart hammer candle appeared. Seems that Maybulk bound on its support trendline around RM3.50. Weekly RSI-14 still turn down but daily RSI-14 is upward and just move out from oversold area.

Maybulk Weekly Chart

Maybulk Daily Chart

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Maybulk Will Continue Go Down?

Not as per expected in my previous post, currently Maybulk still in selling pressure. Day to day volume recently increasing and the price continue go south. The next stop looks to be RM3.68 if it keeps falling. Here I attached the chart for you to review.

Maybulk Weekly Chart

On the Wall Street last Friday, market still extended their loses regarding recession fears. That's all from me, happy trading!

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Maybulk Stock To Be Considered

Maybulk is a good stock by his book. I will check this counter by tomorrow morning;

Maybulk Daily Chart

RSI-14 showing that Maybulk in ovesold area. The last candle showing candle hammer and the volume increasing twice than before. Is it means that the volume shaking and most are out? Currently when I am write this view, US stock in red color down another 70 points even their market open higher. Considering this situation to do my trade. Happy trading!

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