This report is an updated version of the report published on 8 July 2024 at 3:13 PM AEST.
Company Overview: Corporate Travel Management Limited (ASX: CTD) is an Australia-based firm that offers business travel management services. Its primary activities include coordinating the buying and delivery of travel services for its clients. The company's segments comprise Australia and New Zealand, North America, Asia, and Europe. Accent Group Ltd (ASX: AX1) is an ASX-listed digitally integrated retailer and distributor of footwear. The company operates approximately 786 stores and 35 websites across different retail banners, and distribution rights for 17 international brands across Australia and New Zealand. Kalkine’s Market Event Report covers the Investment Summary, Event Summary, Data Insights & Analysis, Key Financial Metrics, Risks, Outlook, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.
Investment Summary
Event Highlights
Data Insights and Analysis
Key Drivers versus Key Challenges
Based on the above data, two ASX stocks have been identified to showcase the momentum.
1) Corporate Travel Management Limited (ASX: CTD) (Recommendation: ‘Buy’ at AUD 13.420, Potential Upside: Low Double-Digit) (M-cap: AUD 2.01bn)
The stock has witnessed a correction of ~19.12% in last three months, and over the past one year, it decreased by ~25.62%. The stock has a 52-week low and 52-week high of AUD 12.840 and AUD 21.490, respectively, and is currently trading below the 52-week high-low average. CTD was last covered in a report dated ‘20 June 2024’.
2) Accent Group Ltd (ASX: AX1) (Recommendation: ‘Speculative Buy’ at AUD 1.860, Potential Upside: Low Double-Digit) (M-cap: AUD 1.04bn)
The stock has witnessed correction of ~4.03% in last 1 month, and over the last 3 months, it has decreased by ~2.81%. The stock has a 52-week low and 52-week high of AUD 1.620 and AUD 2.360, respectively and is currently trading below the 52-week high-low average. AX1 was last covered in a report dated ‘06 June 2024’.
Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 8 July 2024. The reference data in this report has been partly sourced from REFINITIV.
Note 3: Investment decisions should be made depending on an individual’s appetite for upside potential, risks, holding duration, and any previous holdings. An ‘Exit’ from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.
Technical Indicators Defined: -
Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.
Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.
Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.
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