KUB Malaysia Bhd (KUB, 6874)

pattern yesterday with a long white marubozu candlestick. The stock has posted nine white candles in a row, which coincides with its rising EMAs, hence, additional upside strength may be present in the near term.

• A bullish bias may emerge above the RM0.57 level and should lift it towards the subsequent level ofRM0.63 (R1), followed by RM0.66 (R2).

• On the downside, stop-loss is set at RM0.53, below the 3 Nov’s low.

• Fundamentally, KUB is strategically entering into power cable manufacturing through theacquisition of Central Cables, with expectations that this venture will contribute 25% or more to the group's net profit with a diversion of over 25% of the net assets.

Source: Rakuten Research - 23 Nov 2023

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