Hassan_Abdullah

I-STONE GROUP BERHAD (17-JAN-2021)

MYX:ISTONE   None
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1
The consolidation is potentially reaching its apex of descending triangle pattern. Although the descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern, however there are instances when descending triangles act as continuation patterns during uptrend. The stock eventually closed above 20-day SMA after it rebounded off 61.8% FR from the key support level of 0.19 several times. It is expected the stock to test the declining upper trendline resistance tomorrow at 0.220 given by rising buying interest as indicated in the STO momentum indicator .

Next R/ TP:
• 0.260
• 0.275
• 0.325

Support:
• 0.190
• 0.160

The Edge weekly edition made a coverage on I-Stone. Key takeaways:
• Business: Manufacturer of automation services and provider of data management system
• Will diversity into semiconductor, automotive, medical industries and O&G, including to broaden customer base. Long term strategy to expand, solidify its presence and de-risk.
• Datuk Awang Daud – co-founder of Serba Dinamik and Minetech Resources emerged as substantial shareholder – became the non-executive chairman In August 2020 (Note: This may be seen as a potential to create a synergy amongst his businesses). • • Mission IR4.0
• Expectation of better FY2021 results. RM26Mil order book and organic growth for 2021.
• Unutilized IPO proceeds – RM17Mil. Use as business expansion and product development.
• Adopt digitalization and reduce internal cost.

Note: This trading idea is for educational purpose only and not to be construed as a buy call. The mantra of TAYOR and caveat emptor shall apply.

Comments

As of 8-Feb-2021, the stock has hit TP1 of RM0.26
Reply
As of 5-Feb-2021, the share has hit TP1
Reply
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