LOFC.N0000 : LOLC FINANCE PLC - Breaking of Cup & Handle Pattern
Fundamentals
* LOFC Earnings & Net Assets were dropped due to the acquisition of Commercial Leasing and LOLC Development Finance under non-bank financial sector reforms in Sri Lanka. (Due to an accounting treatment - Merger Reserve of negative LKR 262.9 billion, not an operational loss)
* With the economic recovery of Sri Lanka LOFC had reported 2 consecutive Qs of solid earnings growth
* Forward EPS 1.24, FWD PE 5
* Due to negative merger reserve company will enjoy tax advantages
Technical Analysis (Chart Patterns)
* On 1st March 2024 LOFC.N0000 broke the descending wedge pattern. Pattern Target LKR 7.20.
* On 19th April 2024 LOFC.N0000 broke the Cup & Handle formation. Pattern Target LKR 8.30.
* For confirmation 19th April 2024 candle should close above LKR 6.20.
* LOFC Earnings & Net Assets were dropped due to the acquisition of Commercial Leasing and LOLC Development Finance under non-bank financial sector reforms in Sri Lanka. (Due to an accounting treatment - Merger Reserve of negative LKR 262.9 billion, not an operational loss)
* With the economic recovery of Sri Lanka LOFC had reported 2 consecutive Qs of solid earnings growth
* Forward EPS 1.24, FWD PE 5
* Due to negative merger reserve company will enjoy tax advantages
Technical Analysis (Chart Patterns)
* On 1st March 2024 LOFC.N0000 broke the descending wedge pattern. Pattern Target LKR 7.20.
* On 19th April 2024 LOFC.N0000 broke the Cup & Handle formation. Pattern Target LKR 8.30.
* For confirmation 19th April 2024 candle should close above LKR 6.20.
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