Technical Buy – Scomi Group Berhad Stock Code 7158
above: SCOMI daily chart (click to enlarge)
Comment: SCOMI has broken out of a “Cup and Handle” chart pattern after gain 1.5 sen to close at RM0.450 yesterday. Note that the share price has been actively trading volume recently, but has yet to reach overbought level. Hence, we believe SCOMI upside looks attractive now as the recent high-volume breakout may see further upside capped at RM0.570 (+26.7%).
by Kenanga Research
The principal activities of Scomi Group are investment holding and provision of management services. The principal activities of the subsidiary companies are Selling of drilling fluid and chemical products and provision of mud engineering services; Manufacturing and fabrication of road transport equipment, material handling equipment and provision of related engineering support services; Provision of marine vessel transportation services; Marketing agent for road transport equipment and related products; and Renting of building and the provision of supplies and services for the oil and gas industry.