Symphony House ------------------------------dated 4th june (SYMH MK) Technical BUY with +28.6% potential return Last price : RM0.245 Target Price : RM0.275, RM0.315 Support : RM0.225 Stop-loss: RM0.215 BUY with a target price of RM0.315 with stop loss placed below RM0.215. Following the earlier rebound on 6 May 14, SYMH’s share price had advanced to RM0.275 before it became unable to sustain the momentum as the share price gradually slid lower before establishing a new support at RM0.225. SYMH trading volume has plunged from the recent high of RM0.275, suggesting selling pressure has eased as the share price has been treading inside the “cloud” in the past 7 days. However, yesterday’s “bullish engulfing” on the back of a slightly higher trading volume (10.3m shares vs 10-day average of 5.5m shares) signifies a reversal from the current correction. An uptick in RSI and a bullish crossover between +DI and ADX suggest a surge in momentum and the potential start of a new uptrend. Given the positive closing above the “cloud”, we expect SYMH to nudge higher and potentially retest both the previous high at RM0.275 and RM0.315 thereafter.
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Symphony House Bhd is set to see water and power assets worth RM800m injected into a new special purpose vehicle Ranhill Holdings Sdn Bhd under its proposed reverse takeover (RTO), which is being undertaken via a scheme of arrangement signed between Symphony and Ranhill late last week. This will entail the exchange of Symphony’s entire issued and paid-up capital, less any treasury shares held on the basis of one Ranhill share for every 10 existing Symphony share, at an entitlement date to be determined later. Upon completion of the scheme of arrangement, Symphony will be fully owned by Ranhill. Ranhill will then take Symphony’s listing status on Bursa Malaysia’s Main Market. Ranhill has signed a series of conditional share sale agreements to buy certain units and associated companies in the water and power businesses of the Ranhill Group. The firm will make a public offering, an offer for sale and a restricted issue to raise money for the acquisitions. Ranhill intends to raise up to RM600m from the proposed public offering and restricted issue. The proposed public offering involves new Ranhill shares at an issue price to be determined to existing and new investors. (BT)
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Tina Khoo
223 posts
Posted by Tina Khoo > 2014-06-03 18:39 | Report Abuse
Good closing...