Broker: CGS-CIMB Research Date of Report: March 21, 2025
Trendspotter: Bullish Continuation Signals for Keppel Corp and Other Top Stocks
Keppel Corp Ltd: Bullish Continuation is Back
Keppel Corp Ltd (KEP) has reached beyond our previous price target of S$7.04, and the technical picture remains strongly bullish. Here’s a closer look at the key signals:
KEP has broken above a bullish flag pattern with two consecutive strong bullish candles, indicating renewed momentum.
The weekly chart shows a robust bullish rectangle pattern, with the key resistance at S$6.94 tested multiple times and likely weakened, increasing the probability of a breakout.
Prices are trading firmly above all Ichimoku indicators, a bullish sign.
The MACD and signal line continue to stay elevated above the zero line, while the 23-period ROC has risen above zero.
The Directional Movement Index reflects strong bullish strength.
Trading volume remains healthy, supporting the uptrend.
Given these technical factors, we are adding to our existing technical buy position on KEP. Our new target prices are S$7.20, S$7.40, S$8.01, and S$8.50.
CSPC Pharmaceutical Group Ltd (1093): Technical Buy
Entry Prices: S$5.18, S$4.90, S$4.40 Stop Loss: S$4.15 Target Prices: S$6.00, S$6.80, S$8.70, S$10.00
CSPC Pharmaceutical has presented a compelling technical setup, with entry points identified at S$5.18, S$4.90, and S$4.40. The stock’s upside potential is significant, with target prices ranging from S$6.00 to S$10.00.
China Water Affairs Group Ltd (855): Technical Buy
Entry Prices: S$6.35, S$5.90, S$5.40 Stop Loss: S$5.24 Target Prices: S$7.10, S$8.90, S$9.90, S$11.00
China Water Affairs Group also offers an attractive technical opportunity, with entry points at S$6.35, S$5.90, and S$5.40. The stock’s upside targets are S$7.10, S$8.90, S$9.90, and S$11.00.
AAC Technologies: Higher Gross Profit Margins Driven by Optics and Metal Casing
AAC Technologies’ FY24 net profit beat our forecast by 17% due to robust gross profit margins in its optics and metal casing businesses.
The company is expected to continue expanding its revenue from Apple in 2025-26, driven by AI-powered component upgrades.
We reiterate our Add rating on AAC, with a higher target price of HK$63.00 based on a 25x FY26F P/E multiple.
Thailand Property: LTV Regulations Lifted for Mortgages
The Bank of Thailand has lifted loan-to-value (LTV) regulations for mortgage lending, a positive development for the Thai property market.
Eco World Development Group Bhd: 1QFY25 Profit in Line, Higher Earnings Ahead
Eco World Development Group’s 1QFY25 profit was in line with expectations, and the company is poised for higher earnings going forward.
Ping An Insurance: Shifting Winds in its Investment Portfolio
Ping An Insurance is adjusting its investment portfolio in response to changing market conditions.
