Reflections on Volume

Big volume without further upside equals distribution
Big volume without further downside equals accumulation

Volume tends to peak at turning points
Volume often precedes price movement
Volume is a relative study


Monday, January 18, 2010

TCHONG (TP RM4.12–BUY) - osk

TCHONG (TP RM4.12–BUY) Company Update: Regional Drive on Fast Gear
Management has guided that Tan Chong (TCM) will be expanding regionally hand in hand with Nissan, with TCM becoming the motor giant’s strategic partner in expanding its presence in the still untapped ASEAN market. Tweaking our earnings higher by 22%-43% for FY10-FY11 on the back of better vehicle sales given the brighter prospects ahead and lower yen forecast, we derive a new TP of RM4.12 and upgrade our call to BUY from NEUTRAL previously.

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