The weak support at 0.220 may be breahed in the coming week:
Synear ($0.515, 20080526):
Still no sign of recovering since the last sell signal:
Lifted by one-off Rmb14m tax reversal - by Ho Choon Seng CFA
(SYNF SP / SYFH.SI, UNDERPERFORM - Maintained, S$0.56 - Tgt. S$0.35, Food & beverages)
Core net profit of Rmb93.0m was in line with expectations, forming 29.9% of our FY08 core net profit estimate and 20.4% of consensus. Reported net profit was distorted by a one-off Rmb14m tax reversal relating to the dividend witholding tax wrongly provided for in 4Q07. Sales dropped 5.8% to Rmb678.4m, in line with management's earlier guidance of less than 10% decline. Margins were further squeezed to 26.8% compared to 34.3% in 1Q07 and 27.6% in 4Q07 due to sustained price pressures. Overall ASP of around Rmb8,400/tonne suggests that sales volume fell 23% yoy. With results in line with expectations, we keep our EPS estimates intact. The outlook continues to be murky with continuing price pressure and falling sales volume. Maintain Underperform with unchanged target price of S$0.35, still based on 6x CY09 P/E.
Synear ($0.57, 20080505):
Another stock with the "Pump and Dump" pattern, together with other bearish indicators:
Another stock with the "Pump and Dump" pattern, together with other bearish indicators:
Note: For the "Pump and Dump" pattern, please visit: http://intellination.blogspot.com/
