AEON's 4Q2008 results was better than expected

Last week, I posted about the drop in the share price of AEON (go here). I was wondering whether the market was anticipating a poorer set of results for 4Q2008 and sold ahead of this results. Since then, the results has been announced (see below). On the whole, it is a fairly good results, given the difficult operating environment. Turnover was slightly higher than the preceding quarter's numbers and so was the net profit figure (up 44%). As compared to 4Q2007, net profit dropped by 4% despite a 11%-increase in turnover.



With this set of results, I believe that AEON may be able to stay above the immediate uptrend line, with support at RM3.50.


Chart: AEON's daily chart from Feb 25, 2009 (source: Tradesignum.com)