HONGLEONG ADVISED TAKE PROFIT FROM VIS(VISDYNAMICS)

• Profile. VisDynamics (VIS) is listed in ACE market with market cap of RM49m. Share price surged 65% mom from RM0.27 to RM0.445 yesterday after delivering a strong FY16 results, supported by a net cash position of RM7.7m and speculation of dividend reward going forward. Similar to ViTrox, VIS is involved in semiconductor equipment market, supplying test equipment to OSATs.

• Overall, VIS secures sales from global leading electronics manufacturer (US) and memory player (S. Korea). The group is a beneficiary of strong USD: 99% sales for export while only 20% cost in foreign currency (US$, EUR, SG$, TWD and Rmb) mainly electronic parts such as motor, camera, pneumatic cylinders, etc.
   
• Positives largely priced in. VIS share prices rallied to a fresh 52-week high of RM0.47 yesterday before paring its gains to end 1.1% lower at RM0.445 on profit taking. Currently, VIS is trading at trailing P/E of 11x, lower than VITROX 15-16x P/E due to the latter’s bigger market cap (RM862m) and more established operating and dividend track record. Hence, we opine that the recent massive price surge has triggered concern about price sustainability, compounded by the steeply overbought (hourly/daily/weekly) indicators.
   
• From a technical perspective, we advocate Take Profit with as share prices are likely to retrace back by 5.6%-10% to RM0.40-0.42 support zones. A decisive breakdown below RM0.40 will trigger further decline towards RM0.37 (14-w SMA). On the flipside, any rebound will see upside capped at RM0.46-0.50 levels.

Source: Hong Leong Investment Bank Research - 10 Jan 2017

>>>>>>>>>>

一月四日及之前是36分


过后飘升到48分.........

应该会跌回37分

Date	Open	Range	Close	Change	Volume
13/01/2017	0.48	0.47 - 0.50	0.48	-0.005 (1.03%)	3,832,300
12/01/2017	0.49	0.48 - 0.50	0.485	-0.005 (1.02%)	2,921,900
11/01/2017	0.50	0.485 - 0.52	0.49	-0.005 (1.01%)	8,486,200
10/01/2017	0.455	0.44 - 0.50	0.495	+0.05 (11.24%)	8,958,400
09/01/2017	0.45	0.435 - 0.47	0.445	-0.005 (1.11%)	3,567,900
06/01/2017	0.45	0.44 - 0.46	0.45	+0.005 (1.12%)	4,669,800
05/01/2017	0.405	0.40 - 0.445	0.445	+0.05 (12.66%)	8,527,200
04/01/2017	0.355	0.35 - 0.395	0.395	+0.04 (11.27%)	5,533,600
03/01/2017	0.365	0.345 - 0.365	0.355	-0.01 (2.74%)	1,890,700
30/12/2016	0.355	0.355 - 0.365	0.365	+0.005 (1.39%)	1,703,800
29/12/2016	0.38	0.355 - 0.38	0.36	-0.015 (4.00%)	1,640,600
28/12/2016	0.37	0.37 - 0.38	0.375	+0.005 (1.35%)	2,375,100
27/12/2016	0.38	0.365 - 0.385	0.37	0.00 (0.00%)	3,304,300