TSH Resources Bhd (RM1.74)Support : 1.68 / 1.63
Resistance : 1.81 / 1.95
TSH trades at a relatively undemanding consensus FY09E P/E of 8x. Stock price has declined 8% over the last few days, but the uptrend support line remains intact. Outlook appears bullish: (1) 30-day MAV is close to intersecting 200-day MAV line. (2) Share price pierced 200-day MAV on 6th May. (3) Downside protection from long-term MAV line support at RM1.64. (4) Consensus Price Target is RM1.95, implying 16% upside .
We recommend retailers to accumulate TSH to ride the CPO up-wave (up 100% from Oct08 low) and to take advantage of its recent price weakness.ACCUMULATE !!!
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