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Tuesday, January 4, 2011

Daya Materials (DAYA MK; RM0.225) – BUY (CIMB)

FY12P/E: N/A, P/BV: 1.5x

• In past couple of months, prices have been trading sideway just above its 200-day SMA. We think that the stock is about ready to burst out of its consolidation range soon.
• Its MACD has reconfirmed its golden crossover while its RSI has found support above the 40-50pts mark, which could be viewed as positive.
• Aggressive traders may want to get in now with a tight stop placed below the recent swing low of RM0.215. A break above RM0.24 would likely see prices retest the old high of RM0.275. It could potentially reach RM0.30 if the support holds. A drop below RM0.215 would likely see prices test RM0.19-0.195 next.

Daya Materials is an oil & gas company. The company, along with its subsidiaries, provide oil and gas products and services, specialty chemicals, advanced polymers, and technical services. Daya’s companies produces and markets downstream chemicals, and also provides engineering and construction, specialized lifting and material handling services to the oil & gas industry.

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