China Publishing & Media Co Ltd (601949): A Bullish Revival
The November 18, 2024 report from CGS highlights a promising bullish trend for China Publishing & Media Co Ltd, signaling a strong resurgence in its stock performance. The stock experienced a significant breakout from a prolonged downtrend that began on May 23, showcasing a series of higher highs and lows. The bullish momentum is further confirmed by a bullish engulfing candle that closed above the Rmb7.77 resistance, now turned support.
Technical indicators reveal positive signs, with the stock trending above all Ichimoku indicators and the stochastic oscillator indicating rising bullish momentum. The MACD/signal line is approaching the zero line with a positive histogram, while the 23-period ROC has sharply rebounded above the zero line. The directional movement index is in the early to mid-stage of a rise, suggesting a potential return of bullish strength, supported by increasing volume spikes.
With a last price of Rmb8.65, the entry prices are set at 8.65, 7.70, and 6.10, with support levels at 7.77 and 6.11. The resistance points are identified at 10.10 and 14.00, while target prices are ambitiously set at 10.45, 13.40, 19.05, and 21.50.
Mermaid Maritime: Awaiting Key Order Wins
Mermaid Maritime’s third-quarter 2024 revenue saw a slight decline quarter-on-quarter due to the completion of decommissioning contracts in the UK and Thailand, though this was partially offset by stronger cable-laying activities. The report maintains the FY24F-26F gross margin estimates but has revised revenue forecasts downward due to lower fleet utilization and decommissioning order assumptions. Excluding a forex loss of US\$2.7 million, the net profit for 3Q24 aligns with the US\$3.8 million estimate, with an improved share of SG&A being a pleasant surprise.
The report reiterates an ‘Add’ call, albeit with a lower target price of S\$0.16, influenced by reduced net profit expectations. The key catalyst for future growth is the announcement of new order wins.
Tencent: Strong Game Revenue Forecast for 4Q24F
Tencent’s game revenue is projected to remain robust in the fourth quarter of 2024. This stability is crucial for the company’s financial health and is expected to contribute positively to its overall performance.
CSE Global: Clean Project Execution is Crucial
CSE Global’s future hinges on the efficient execution of its clean projects. The report suggests that successful implementation of these projects will be key to sustaining and enhancing its financial performance.
Frasers Property Limited: Improved Performance Expected in 2HFY24
Frasers Property Limited is anticipated to show better operational performance in the second half of the financial year 2024. The company’s strategic initiatives and market conditions are likely to support this improvement, positioning it well for future growth.
