Raffles Education holding at $0.315 after Friday's breakout above $0.30 for 1st time in more than 2 weeks. Immediate resistance at $0.35 100-day MA. Recent interest supported partly by purchases by CEO Chew Hua Seng & spouse in open market. Still, stock down 22.2% ytd on lingering concerns over dwindling student enrolment in China, lack of near-term catalysts as contributions from new colleges not expected until several years later.
OCBC Research maintains Hold call with $0.33 target, opines that while the worst may be over, the short-term outlook remains muted as enrolment numbers still need to show a sustainable increase.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment