A very solid stock with Rm2.79 billion cash and zero bank borrowing. A very clear inverted head and shoulders formation with Rm 2.60 as breakout level as shown above. Looking at the chart, Resorts can never come this low without the current economic crisis that rank only second to the 1929 Great Depression. An golden opportunity for investor to keep for long-term.
Recent heights at end of wave (I) and wave b rebound are the same value of Rm2.57. It will have to break Rm 2.57 before breaking Rm 2.60, the neck-line for the inverted head and shoulders
The simplified balance sheet is very solid. Look at the Rm 2.794 billion cash and the Rm 8,355 billion reserve. The company has been buying back its own shares from the open market since July 2007 when its price was Rm 4.20. The item under "Treasury Shares" of Rm 627 million is the cost for 182 million treasury shares. The average purchase price is Rm 3.44 which is much higher than the Thurseday closing price of Rm 2.42.
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