KUALA LUMPUR (June 17): Shares of IFCA MSC Bhd rose in active trade today after CIMB Research said the stock may have experienced a major “selling climax”.
At 9.06am, IFCA was up 2.83% or three sen to RM1.09 with 5.1 million shares done, making it the second most active stock.
In a note yesterday, CIMB Research said IFCA’s share price may have experienced a major “selling climax” on Tuesday, after falling 50% in the past month.
The research house said that as the company’s fundamentals remain strong and unchanged, it maintained its Add rating, EPS forecasts and target price (21x FY16 P/E, in line with domestic peers).
“Potential catalysts include higher-than-expected take-up rates for SaaS and finalisation of the acquisition of its Indonesia distributor,” it said.