Ezion: CIMB Technical Buy Call on counter. Prices consolidated in flag pattern over past few days, hitting low of $0.695 before bulls started to set in. Currently, it is just trading a tad below resistance channel. Looking at chart, house think a breakout could materialize. 30-day SMA has swung above longer term 50-day SMA, suggesting that momentum is picking up. MACD is flattish while RSI has hooked upward. If the $0.725 level is taken out, the following resistances are $0.76 and $0.815….
Recommend traders may start to accumulate now but always place a stop at below $0.695, which is its previous swing low. A break below its MA at $0.685-0.67 would suggest that this rebound is a bull trap.
Post acq, MLT will have 3 properties in S Korea (2.5% of gross revenue) and its portfolio will increase to 97 properties valued at $3.6b.
Deutsche keeps at Buy, with TP $1.06. Says valuations attractive at 7% FY11E yield.
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