Suria: Breaking above its downtrend line at RM2.67

Suria Capital Bhd ('Suria') is the owner/operator of all the ports in Sabah, which were previously under the purview of Sabah Port Authority. As part of the Privatization Agreement signed in 2004, Suria was granted a 30-year concession to develop & operate all the ports under Sabah Port Authority. In addition,Suria was granted 23.25 acres of land within the vicinity of KK Port for mixed commercial & tourism-related development.

The stock has been valued by RHB Invest (at RM3.50) & Alliance Research (at RM3.38) in November last year and by MIDF Research (at RM3.15) in April this year.

Chartwise, the stock has been consolidating in a triangle. Alternatively, it was in a downtrend line until yesterday. It broke above the triangle (or downtrend line) at RM2.67. With this breakout, the stock will continue its prior uptrend. Next target will be RM3.00-3.20.

Based on bullish breakout, Suria could be a good trading BUY.


Chart: Suria's weekly & daily chart as at June 4, 2014 (Source: Tradesignum)

Note:
In addition to the disclaimer in the preamble to my blog, I hereby confirm that I do not have any relevant interest in, or any interest in the acquisition or disposal of,  Suria.