Technical tracker - HLIB Retail Research – 30 Sep 2021 DNEX ( | HLeBroking

Technical tracker - HLIB Retail Research – 30 Sep 2021

DNEX (RM0.785-Not rated) – Expect a rosy FY6/22; Poised for a downtrend resistance breakout

Three pillars of growth. DNEX (listed in 1983) is a leading ICT services provider in Malaysia (with key expertise in trade facilitation, system integration & consultancy, and RFID for border crossing systems etc). It has also added value via a mix of the upstream and downstream portfolios in the energy industry i.e. equipment supply and maintenance, oilfield services, upstream oil and gas via investment in Ping. To deepen and complement its involvement in the technology value chain, DNEX has also expanded into the manufacturing of the semiconductor wafers sector via its acquisition of 60% stake in SilTerra (Beijing CGP Fund: 40%).


Anticipate a fruitful FY2022. The recent completion of strategic investments in SilTerra and Ping in FY2021 will put DNEX in a strong position to capitalise on the robust semiconductor industry and ride on the recovery cycle of the O&G industry. Together with its resilient IT & eServices operations owing to the re-opening of the economy and rapid pace of digitalisation, the group is cautiously optimistic of good FY2022 results.


Poised for a downtrend line breakout. After correcting 39% from the all-time high of RM1.05 to a low of RM0.64, the stock staged a strong rebound to end at RM0.785 yesterday (above multiple key 20D/30D/50D SMAs). We expect a brief sideways consolidation to digest the recent robust volume (average 147m in 5 days) before resuming its uptrend. A successful breakout above the downtrend line resistance (near RM0.81) from RM1.05 will spur the stock towards RM0.845-0.865 barriers hitting our LT objective at RM0.935 levels.

Collection range: RM0.74-0.765-0.785


Upside targets: RM0.845-0.865-0.935


Cut loss: RM0.72

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Technical tracker （中文版）- HLIB Retail Research – 30 Sep 2021

DNEX (RM0.785 - Non rated) – 展望 6/22 财年将迎来好转，股价有待突破下跌趋势线

支撑业绩增长的三大支柱- DNEX（1983 年上市）是马来西亚领先的 ICT 服务提供商，且在贸易便利化、系统集成和咨询以及过境系统的 RFID 等方面拥有成熟的专业技术。此外，Dnex还涉及能源行业的上游与下游的业务（设备供应和维护、油田相关业务和投资Ping 的上游业务）。除此此外，为了进军和参与科技相关业务，DNEX收购了 SilTerra 60% 的股权（北京 CGP 基金：40%），因此得以扩展到半导体晶圆行业。

预计 2022 财年业绩将大幅增长- Dnex在完成对 SilTerra 和 Ping 的投资后，公司将利用处于旺盛周期的半导体行业与处于复苏步伐的上油行业使公司占据更大的市场份额。此外，Dnex的IT 和电子服务业务也将随着经济的重新开放和数字化的进步而受益，公司对 2022财年的业绩保持谨慎乐观的态度。

Dnex的股价目前处于有待突破下跌趋势线的阶段。股价在从 RM1.05的历史高位已经修正了 39%并达到近期的低点 RM0.64。随后股价触碰低点后便进入震荡的阶段，昨日收于 RM0.785 令吉。Dnex股价目前处于多个关键的均线上方 （20D/30D/50D SMA），我们预计股价短期内会先震荡并消化近期上涨的成交量（5 天平均 147m）后才能重返上升趋势。股价若突破从RM1.05延伸下跌趋势线阻力的RM0.81, 股价有望继续上探至 RM0.845-0.865 阻力并挑战我们的长期目标 RM0.935 。

买入范围：RM0.74-0.765-0.785

上行目标：RM0.845-0.865-0.935

止损：RM0.72


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