KUALA LUMPUR: JF Apex Research expects Tenaga Nasional, Naim, Gamuda, Mudajaya and Malaysia Airports Holdings
(MAHB) to see some trading action on Friday after the corporate results announcement and contracts awarded.
It said Tenaga’s 3QFY16 net profit jumped 192% on-year to RM2.31bil mainly due to sharply lower recognition of over recoverability of ICPT (imbalance cost pass through) amounting to RM537.6mil in the quarter under review compared with RM1.82bil a year ago. The increase in electricity consumption also boosted earnings.
JF Apex Research also said the JV of Naim and Gamuda won a RM1.57bil contract for the Pan Borneo Highway.
Mudajaya and Musyati Sdn Bhd clinched a RM1.33bil contract for the Pan Borneo highway project.
MAHB posted net profit of RM9.38million in its 2QFY16 against a net loss of RM19.88mil a year ago, mainly due to a significant drop in finance cost.
Overnight, US markets ended higher overnight with the Nasdaq at its highest this year lifted by gains in tech counters such as Facebook, Apple and Amazon. In contrast, European stocks declined after a slew of quarterly earnings.
At Bursa, the FBM KLCI lost 5.06 points to 1,658.50.
“The FBM KLCI could rebound today with support at 1,650 as investors await the outcome of Bank of Japan's two-day meeting,” said the research house.
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