Sunvic seems like it is consolidating at the moment from 0.65 to 0.68….. resistance at 0.68 would be barrier at the moment. A break above 0.68 with volume above 6m shares by noon can see it go to 0.700 then 0.75.
Stop loss at 0.635. Monitor closely for potential trade opportunity.
News – 3rd March 2014
*Sunvic: 4Q13 net profit spiked 81% y/y to Rmb135.4m, while revenue accelerated 33% to Rmb1.84b. This lifted FY13 earnings to Rmb369.9m (+282%) and revenue to Rmb6.33b (+46%), driven by higher ASP and sales volume of acrylic acid & acrylate esters (AA & AE). Full year gross margin expanded to 14.8% (+2.5ppts). Management expects the long term sales contracts signed with certain major customers to underpin the high utilisation at its plants over the next few years. No dividends declared.
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