Have you voted for a BUY, HOLD or SELL at RM1.00?
JCY : RSI 31.5, back to 0.90 level. You see, I m not excited with the current waterfall in JCY. It is the rate it is retracing. When it first dived to 0.90 level, RSI was at 15(yes!!). Today, I will only like to move in if it DIVEs to 0.80-0.85 in 2 or 3 days, hopefully due to the bad news.
CNX : I was there when someone asked about JCY in the meeting. That was about 2 months ago. I said, the risk is high to buy at 1.05 then. Why I said so? Because so many uncles/aunties were there - they dont know much about TA, tho they paid RM4k+ to learn TA in 4 days.
Then, in the week following, there is one member(Mr G) approched me and interested to know more about JCY as he know nothing about fundamental. As always, i m glad to share my point of view. He gets very impatient with me when I started to say about USD. He must be cursing below his breathe for asking me!! Haha. I was like ... shit, I m talking to another loser here. All he wants to know if JCY could go to RM1.20 as he expecting. Based on what? You ask him. He knows nothing about FA(he told me) and trade purely on TA. So, cut-loss triggered. Do you think he will cut-loss and take defeat with his arrogant personalities? Hmm ... he is about 30+, I think. Sorry Mr G to mention about you(in case you are reading my blog! For what?) as I want to put it here for sharing with many, especially to my 'students' now ... how personalities and attitudes towards trading are important.
JCY posts 4Q losses of RM22.55m
Written by Joseph Chin
Tuesday, 30 November 2010 18:24
KUALA LUMPUR: Hard-disk drive manufacturer JCY International Bhd posted net losses of RM22.55 million in the fourth quarter ended Sept 30, 2010 following a decline in the average selling price (ASP) and adverse foreign exchange losses.
It said on Tuesday, Nov 30 revenue declined 3% to RM485.97 million from RM501.21 million a year ago while loss per share was 1.1 sen compared with earnings per share of 3.59 sen.
Explaining the losses, JCY said the forex losses were due to the depreciation of the US dollar against the ringgit.
“In addition, the cost of production increased due to higher raw material cost and labour cost resulting from shortage of workers in Malaysia,” it added.
However, for the financial year ended Sept 30, 2010, it still made a net profit of RM176.38 million, a decline of 14.9% from RM207.28 million a year ago. Revenue was higher at RM2.04 billion compared with RM1.758 billion in the previous corresponding financial year.
JCY, in its outlook, said consumer spending in the US and Europe was still weak and the on-going debt crisis of some of the European countries had continued to affect the recovery of the demand for HDD products.
“The group has started supplying HDD components to Korean and Japanese customers. The group will continue to focus on its core business and continue to intensify its efforts to increase its revenue and will focus on improving operational efficiency and cost management,” it said.
Taken from The Edge