BCP : LT Buy from 16.50-17.20 or on weekly break >20

The last time BCP closed at 20 Baht on a weekly chart was December 1996. It’s currently at 18.60, its best level since February 2004, so another short period of consolidation could be the last opportunity to purchase it at sub 20 prices.

Investors are hesitant to re enter what has been an awful trade over the past 14 years, but trends do change, and we think BCP is a prime candidate for a metamorphosis from bear to bull in the not too distant future.

As such we give a long term buy on any dip to the 16.50-17.20 range with a target at 40 Baht which should be achieved by Q4 2013. Alternatively buy on a weekly breakout above 20.



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