According to ICAP’s TA analysis last Friday (31-7-2009), it called a trading buy on Pelikan at the price of RM1.45 of which target price will be RM2.24. As I further researched into this company, I found Pelikan’s bottom line is gradually recovering back on track to show profit after coming through a substantial profit drop last few quarters.
As per ICAP’s advice, I acquired around 13,000 unit of Pelikan’s shares at a unit cost of RM1.45. Though today the share price has shot up to RM1.63, according to ICAP’s target price as per mentioned, it still has a potential of 37% (=2.24/1.63) upside. And I have set a 5% cut loss point at RM1.38.
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