Ekovest resuming bullish movement, says RHB Retail Research
In a trading stocks note on Monday, the research house said the stock broke past the 54 sen resistance as the bullish momentum is picking up.
In a trading stocks note on Monday, the research house said the stock broke past the 54 sen resistance as the bullish momentum is picking up.
RHB IB said many local institutional funds have yet to take a meaningful position in the property sector.
The research house said that if a breakout occurs, the stock will likely advance towards the 52-week high level at the 29 sen resistance, followed by 35.
RHB IB outlined potential project awards for the first half of 2024, encompassing flood mitigation projects, the Penang Light Rail Transit (LRT), Pan Borneo Highway Sabah's Phase 1B, and the reinstatement of five LRT3 stations.
The research house said that if it manages to surpass that level, the bullish momentum is expected to propel the stock towards the 73.
The research house said the latest “higher high” bullish pattern above the rising 21-day simple moving average line suggests the uptrend movement is firming up and heading towards 62 sen, the YTD high, followed by the next resistance at 70 sen, a new high.
The research house said IJM Corp’s job replenishment trend has improved, and the group is well-positioned to take on upcoming major projects, such as the civil work packages for Mass Rapid Transit 3, the New Pantai Expressway extension — estimated at RM1 billion — and to be supported by some warehouse and semiconductor facilities projects.
The integration allows buyers utilising MHub's platform to complete their RHB loan submissions digitally.
In a sectoral update on Wednesday, the research house said it believes that industrial assets should record healthy rental reversions each year, with low risk of non-renewals.
“At OSK Property, we aspire to ensure a seamless end-to-end homeownership experience for our customers with the use of technology, and having the right partner is an important part of this endeavour.