◤Talking about the stock market◢ JHM Technology's rising momentum is showing Chinapress Fri, Dec 02, 2022 12:00am - 3 days
Broker: Kenanga Investment Banking Research
Investment Advice: Tech Buys
Closing price: 74 sen (as of 2 December)
First resistance level: 80 sen
Second resistance level: 88 sen
Stop loss point: 64.5 cents
After the recent rebound of JHM Technology (JHM, 0127, ChiNext Technology) from the low of 71 sen, the stock price broke through the downtrend line, which returned to the peak of RM1.35 in August. With the stock closing at 72 sen on Thursday (2nd), upward momentum is expected.
The technical chart shows that the stock may extend its upward momentum based on the moving average convergence divergence (MACD) breaking above its signal line and the strength indicator (RSI) moving away from the moving average after climbing from oversold territory.
Therefore, the stock may rise and challenge the resistance levels of 80 sen (11% potential upside) and 88 sen (22% potential upside); stop loss is at 64.5 sen (10% downside risk).
Due to exchange losses and higher tax provisions, the company's net profit in the third quarter of fiscal year 2022 was 900,000 ringgits, a 91% drop from the previous quarter; the net profit for the first nine months fell 5% year-on-year to 20.4 million ringgits. The market generally expects that JHM Technology is expected to record a net profit of RM18.9 million and RM48.4 million in fiscal years 2022 and 2023, respectively, and the estimated price-to-earnings ratio is equivalent to 21.2 times and 8.3 times, respectively.
TOKYO (Kyodo) -- Toyota Motor Corp. said Thursday it recorded an all-time high in global sales and production for the year ended March as the negative effects from the coronavirus pandemic and a chip shortage eased while production in North America and Asia recovered. https://mainichi.jp/english/articles/20230427/p2g/00m/0bu/020000c
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