Tuesday, April 22nd, 2025

Hong Fok Corp: Bullish Outlook with Strong Upside Potential

Date: 30 September 2024
Broker: UOB Kay Hian

Company Overview

Hong Fok Corp (HFC SP) is a Singapore-based property development and investment company. It is involved in property management, property development, and the ownership of investment properties, with a focus on the Singapore real estate market.

Trading Information

  • Current Price: S$0.830
  • Target Price: S$0.925
  • Protective Stop: S$0.800
  • Recommended Action: Trading BUY

Technical Indicators

  • Trend Analysis: Hong Fok Corp’s stock price is trading above the Ichimoku cloud, which signifies a bullish trend. The conversion and base lines are in a bullish crossover, indicating continued upward momentum.
  • MACD: The MACD (Moving Average Convergence Divergence) is currently bullish, and a crossover is likely, which further supports a potential increase in the stock price.

Price Target and Timeframe

The potential upside target is set at S$0.925, with a protective stop placed at S$0.800. The anticipated timeframe for this trade is 1-2 weeks, contingent on the stock hitting the entry price range within three trading days.

Outlook

The chart and technical analysis suggest that the stock is well-positioned for further gains, with bullish signals supporting the continuation of the current upward trend.

Source: UOB Kay Hian, 30 September 2024

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