Trading ideas: Barakah, VS Industry, Fitters Diversified, Perisai

KUALA LUMPUR: JF Apex expects Barakah Offshore Petroleum Bhd, VS Industry Bhd, Fitter Diversified Bhd and Perisai Petroleum Teknologi Bhd to be among the stocks which could see trading action on Tuesday.

The research house also expects Icon Offshore Bhd and Iris Corp Bhd to generate some trading interest following their corporate announcements.

Barakah secured a RM20mil contract from Murphy Sabah Oil Co Ltd for the provision of production riser tensioner overhaul, including maintenance and upgrade works.

VS Industry saw its net profit drop 44.3% year-on-year to RM33.51mil, due to weakened contribution from Malaysia and a loss from the operations in China that offset the increase in the smaller-scale Indonesia segment.

Fitters Diversified has decided not to proceed with plans to list its wholly-owned subsidiary Future NRG Sdn Bhd (FNRG) on the Catalist board of the Singapore Exchange (SGX) for the time being while Perisai and Emas Offshore Ltd (EOL) have come to a settlement on their dispute over the disposal of Perisai’s 51% stake in SJR Marine (L) Ltd to EOL.

Icon Offshore has bagged a RM5.6mil contract to provide one straight supply vessel to EQ Petroleum Production Malaysia Ltd for the Seligi/PM 8 (Extension) oil field offshore Peninsular Malaysia

Iris group’s managing director and chief executive officer Datuk Tan Say Jim has ceased to be a substantial shareholder of the company after disposing of 56.6 million shares via a direct business transaction.

Meanwhile, JF Apex said FBM KLCI could remain lacklustre and decline towards the support of 1,610 points following the mixed performance in the US and Europe.

It added that potential window dressing could be seen benefiting blue chips with four trading days left this year.