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

Friday, August 20, 2010

Gamuda BUY RM 3.35 Price Target : 12-month: RM 4.35 - DBS

• RM36bn MRT project, a key milestone catalyst easily doubling orderbook with another 10 years earnings visbility

• Excellent proxy to Vietnam's positive long term structural shift in property market with RM16bn GDV (12% of SOP)

• Resolution on Selangor State Water restructuring soon could see Gamuda reaping >RM600m in cash or RM0.28/share


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