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Wednesday, January 21, 2009

Tanjung OffShore + Kinsteel + LBS Bina Goup

By Zhuge Liang

Tanjung Offshore >>> SELL

FY09P/E: 4.2x, P/BV: 0.6x

Continues to gyrate around its medium-term downward channel. Recent
correction may derail the stock towards the RM0.66 and RM0.59 support

Daily indicators are weakening. MACD signal line has staged a negative
crossover while RSI has dipped into the oversold territory with no bottoming

Take profit towards the RM0.76 resistance as sustainability remains in

Tanjung Offshore Bhd., through its subsidiaries, provides integrated services
and equipment to the oil and gas and related industries in Malaysia. The
company's services include engineering equipment and spare parts, marine
services, and maintenance and other support services


LBS Bina Group >>> RM0.25 - SELL

FY09P/E: N/A, P/BV: 0.2x

The recent breakthrough above its downward channel may be a bull trap. If
it fails to hold above the 30-day SMA at 0.25, selling may be fierce, possibly
towards the RM0.23-RM0.225 support.

Technical landscape is deteriorating fast. MACD bars are losing momentum
while RSI has hooked down.

Immediate resistance is seen at RM0.27 followed by RM0.285 and RM0.30.
Reduce holdings on upticks.

LBS Bina Group Berhad is a management and investment holding company. The company, through its subsidiaries, operates property development and investment. LBS also provides project management and contractor services for property development, turf and landscaping contracting, insurance services, sells motor vehicles, and trades building materials


Kinsteel >>> RM0.415 - SELL

FY09P/E: 3.0x, P/BV: 0.4x
The stock is trapped in a bearish “Descending Triangle” formation. A break
below RM0.395 is bearish. Next support is at RM0.35.

MACD is poised to stage a negative crossover while RSI is easing towards
the lower band of the neutral zone.

Sell into strength. Unless it can penetrate above the RM0.435 and RM0.46
resistance levels, the odds remain in favour of the bears.

Kinsteel Berhad is an investment holding company. The company, through its
subsidiaries, manufactures and trades steel bars and related products. Kinsteel also operates in property investment.

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