Being in the market at all times is not the key to profits. Being in the market when there is a clear, unconfused technical signal during a strong market, and the trader's judgment is not swayed by emotion, is a method for trading success. No matter how good the fundamentals and technicals are, stocks will have a high risk of failure during weak markets.
Tuesday, January 19, 2010
Kinsteel (5060.KU) at Buy
Maybank Investment Bank Research keeps Kinsteel (5060.KU) at Buy with unchanged MYR1.30 target, pegged to 8X PER for 2011, a year of expected peak demand. "Kinsteel continues to trade at a low 6.4X multiple on 2011 earnings, the year we expect the full impact of major construction works to be felt," says analyst Wong Chew Hann; adds Kinsteel set to capture the rise in demand with upgrades to its billet plant scheduled for completion in mid-2010, while its downstream plant is currently running at 50% capacity; keeps earnings estimates by assuming sales volume of 3.4 million tonnes in 2010 (+22% on-year), and 3.6 million tonnes in 2011, vs forecast 2.8 million tonnes in 2009. Stock last +4.5% at MYR1.1
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