Myr goes ex-div tomorrow, that usually means a larger than expected short term drop. This will push the shares below the critical $2 support level. Technically it's then all downhill to a at least the $1.70 level and more likely a double bottom just above $1.50.
I sold half my shares the day before the annual report and the rest during the free fall in the $2.20's. I will be looking to buy again at the $1.50 level.
The new lower div of 5.5c, gives this a yield of 5.4% at current price, way too low for something that has had cashflow and earnings falling over the last 4 years on average. Hopefully the lower div will enable the reduction of debt, plus if management could raise margins could see a turn around, but it will take time.
MYR Price at posting:
$2.02 Sentiment: Buy Disclosure: Held
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