As 1QFY10 net profit already achieved 36% of FY09’s earnings, TDM’s FY10 earnings is expected to perform better, thanks the higher average CPO price of between RM2500-RM2,600/MT (vs RM2237/MT in 2009), buoyed by forecast of higher global vegetable oil consumption, weather abnormalities and rising soy bean prices. Moreover, its healthcare business is expected to provide further catalysts due to the resilient industry.
TDM’s mid-term uptrend remains firmly intact following the breakout above the downtrend line (DTL) and violating the neckline resistance levels. However, after surging 24% in July to a 10-year high of RM,2.27 on 26 July, TDM share prices could take a breather before marching to our 6-month technical target of RM2.75 due to the overbought technical readings.
In anticipation of a forthcoming healthy correction, investors may consider accumulating the shares around RM2.05-2.15 zone. Our cut-loss point is pegged at below RM2.05 (50% FR from low of RM1.82 to high of RM2.27).
Posted by HLeBroking Research
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