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, September 13, 2010


9MFY10 Results Preview: Hurt By External Factors

Adventa is expected to announce its 9MFY10 results later this month, which we think may come in below consensus and our expectations given that latex prices stayed at a high of about RM7.00/kg, and the USD continued to weaken against the MYR. However, we believe 4QFY10 would be a better quarter since the company will have additional capacity from its new nitrile glove lines. We are tweaking our FY10-11 earnings downward by 8%-13%. Maintain Buy, but at a lower target price of RM3.73.

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