With no major movement in price, it is observed that the interest in this stock has waned considerably as compared to the average volume traded over the past 50 days. At 6.5, the stock is trading near its 3-month historical low. It is also observed that the MacD line is below the signal line indicating some short-term price weakness.
Company Information
Background
The Company was incorporated as an investment company in Singapore on 24 August 1988. The principal investment objective of the Company is the long-term capital appreciation of its assets through investment in Thai securities, mainly equities.
Investment in Thai securities will not be made directly, but will be made only through The Thai Prime Fund (Fund), which is established under an investment plan authorised by the Bank of Thailand under an investment contract, of which the Company will be the sole unit holder.
The preferred shars are in registered form and are listed on SGX.
The Fund was established on 28 September 1988 under the laws of Thailand and has a 25-year life. The objective of the Fund is to achieve long term capital appreciation of assets through investment in Thai securities. The Fund is accorded the status of a Thai national and is not subject to the foreign shareholding limit or Thai income tax. Distributions from the Fund are, however, subject to approvals under the Thai Exchange Control Act (1942) as amended.
On 16 January 2002, in-principle approval was obtained from the Securities and Exchange Commission of Thailand ("SEC") for the proposed change in status of the Fund from closed-end to open-end. An application was made by the Company's Fund Manager to the SEC on 30 June 2003 with respect to the change of the status of the Fund from a closed-end fund to an open-end fund and approval for the change in status of the Fund was granted on 20 November 2003 and became effective on the registration date (24 March 2004).
Trading in the Company's shares is strictly restricted to persons who are not residents of Singapore.
Prior to its listing on the SGX, the Company made an offer for sale of its 15.50 million preferred shares at the issue price of US$9.50 plus US$0.50 underwriting commission per preferred share.
Financial Sheets
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Market Outlook
Straits Times Index (STI)
Trend: Consolidation with a potential bullish breakout bias
The benchmark STI remains sandwiched between the 20 and 50-day moving averages. Interestingly, a possible bullish crossover signal was spotted in the MACD trend indicator, which suggests a potential change in the trend. In addition, upside momentum is also building up as the Stochastic oscillator continues to inch upwards. In order to see a follow-through, the STI needs to break above the immediate resistance at 2952 to see a potential upside push towards 3043 next. On the other hand, a violation below the immediate support at 2910 may negate the potential bullish tone to see a slide towards the rising window gap support of 2886-2875.
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UOB Kay Hian Pte Ltd. All rights reserved. Company Registration Number 197000447W
UOB Kay Hian
APOil Holdings
