Hard-disk drive manufacturer JCY International Bhd's earnings surged to a record RM162.45mil in 1Q ended Dec 31, 2011, from only RM7.51mil a year ago (That's an amazing 21.6x/2160% jump on profit yoy). Revenue rose 27.3% to RM559.03mil from RM438.90mil a year ago.
JCY said the board was recommending an interim single tier tax-exempted dividend of 2.0sen/share for financial year ending Sept 30, 2012. ----reported in The EdgeMalaysia (Feb 08, 17:23)
However, the bad news is the share price has more than doubled since mid Dec'11 on speculations/rumors of possible strong financial results, benefited from the Thai flood late last year.
Based on the chart, the stock may have another last upleg boosted by the stunning quarter results announced. Immediate resistance as of today's (Feb 08) close of 1.41 will be: R1@1.45, R2@1.57. However, there's little room for profit tomorrow as I believe the stock will simply open tomorrow gap up to around/over 1.45 region. Strong buying may push the stocks to test the 1.57 resistance immediately during tomorrow's trading, but it shall find it hard to overcome.
If unable to close above 1.57 tomorrow, expect the price to retreat back to the resistance-turn-support 1.45 region rapidly. Aggressive traders may enter below 1.50 & exit if unable to close at high tomorrow, churning an amazing ~8% profit intraday assuming an entry@1.45 & exit@1.57.
Below is the latest charts on JCY freshly done from my desk. ENJOY!
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