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This is a typical breakout from consolidation, pull back scenario. For those who are more technically inclined, the bullish flag is taken shape. The moving averages suggest upside bias is in place. We expect 30-40cts upside from the last done price on Friday. Although markets might be experiencing some uncertainty recently, we want to look at stocks which can sustain the turbulence.
On the Fundamental aspects
The story is that Boustead have plans to float a REIT for its industrial property portfolio. Secondly, strong order backlog for its energy division - S$187m estimated. Finally Boustead's niche in high-tech facilities and full-turnkey capabilities is positioning itself to benefit substantially as Singapore moves up the value chain.
Conclusion
With a good story to back up a beautiful chart, this is one of the few stocks that is worth considering in uncertain markets like what we faced the past few weeks.
