KUALA LUMPUR (June 28): Hong Leong IB Research said Evergreen Fibreboard Bhd is is ripe for a downtrend line breakout soon and that the ongoing risk aversion is expected to further strengthen US dollar, leading to weakening bias in ringgit, which bodes well with its advocate for exposure in export stocks.  

In a trading idea note today, the research house said its institutional research has a Buy rating on Evergreen with an institutional target price of RM1.60, or 46.8% upside. 

“Technically, Evergreen is ripe for a downtrend line breakout soon after experiencing more than three months of sideways consolidation,

“Key upside targets are RM1.21-1.34 while supports fall on RM1.02-1.00. Cut loss at 99.5 sen,” it said.