Tenaga - No catalyst
Market Structure
1. Price moving in the downtrend channel . Currently being supported at 9.97, being tested 3 times with higher RSI . Possible technical rebound towards the top of the downtrend channel
2. Moving averages still showing downtrend, with steep slope for the WMA200, and HMA50 with no sign of reversal yet.
3. Extending the UHV in Jun 2021, can see resistance at 11.25 which may indicates possible rebound level.
4. VOP - POC is way at around RM15.50. Not significant evaluation at the moment.
Area of Value
1. Resistant at 11.25 based on UHV
2. Upper level of the Downtrend channel
3. Support at 9.50. Break below will see continuation of downward movement towards 7.50.
Trigger
1. No trigger on PA.
Fundamental
1. Finbox valuation as of 26 May 2021 at 12.77
2. 5Y & 10Y DCF valuation ranges between 13.80 to 16.92
3. PE multiples at 12.45
4. Dividend model 7.38
Conclusion (26/5/21)
My opinion is to put more weightage on TA for Tenaga at this moment, as i do not see any catalyst in term of business that may serve as growth engine for Tenaga.
1. Price moving in the downtrend channel . Currently being supported at 9.97, being tested 3 times with higher RSI . Possible technical rebound towards the top of the downtrend channel
2. Moving averages still showing downtrend, with steep slope for the WMA200, and HMA50 with no sign of reversal yet.
3. Extending the UHV in Jun 2021, can see resistance at 11.25 which may indicates possible rebound level.
4. VOP - POC is way at around RM15.50. Not significant evaluation at the moment.
Area of Value
1. Resistant at 11.25 based on UHV
2. Upper level of the Downtrend channel
3. Support at 9.50. Break below will see continuation of downward movement towards 7.50.
Trigger
1. No trigger on PA.
Fundamental
1. Finbox valuation as of 26 May 2021 at 12.77
2. 5Y & 10Y DCF valuation ranges between 13.80 to 16.92
3. PE multiples at 12.45
4. Dividend model 7.38
Conclusion (26/5/21)
My opinion is to put more weightage on TA for Tenaga at this moment, as i do not see any catalyst in term of business that may serve as growth engine for Tenaga.
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