KUALA LUMPUR: Maybulk, Axiata, Rohas Tecnic
and Chin Hin are among the stocks which could see some trading interest on Tuesday after their corporate news, says JF Apex Research.
Maybulk's 1QFY17 net loss widened 38% on-year due to losses from its associate, PACC Offshore Services Holdings Ltd or POSH.
As for Axiata, its unit Axiata Business Services Sdn Bhd is acquiring a 65% stake in a Thailand-based IT solutions and services company Suvitech Co Ltd (SCL) for US$11.05mil (or RM47.91mil).
SCL owns and operates a mobile virtual network enabler (MVNE) platform which enables sales/dealer management, products/pricing and provisioning, and billing for consumer, enterprise and Internet of Things (IoT) services.
JF Apex Research pointed out that as for Rohas Tecnic, the company bagged a US$70mil (RM300mil) contract from Electricite du Lao to supply and construct transmission lines, substations and distribution lines in Laos;
Chin Hin's 1QFY17 net profit jumped 60% on-year to RM8.05mil on higher margin amid declining revenue.
Petronas Chemicals's 1QFY17 net profit rose 120% on-year as revenue grew on higher output, sales volume and product prices.
FGV inked an MoU with China-based Sinograin Oils Corporation to look into the supply, storage, processing and distribution of FGV's palm oil based products in China;
JF Apex Research said UMW Oil & Gas received two contracts worth a total of US$34.81mil (about RM151.08mil) from Petronas Carigali Sdn Bhd;
Tan Chong Motor, through its subsidiaries, has filed a US$33mil (RM142.8mil) countersuit against Narita Motorcare (Cambodia) Co Ltd and its representatives in defence of the group’s sole and exclusive right to distribute Nissan vehicles in Cambodia;
The research house also noted that Cahya Mata Sarawak’s1QFY17 net profit surged over 21 times to RM22.66mil due to a reduction in the share of losses in associates amid declining revenue.
Overnight on Wall Street, the Nasdaq and S&P hit record highs led by tech and energy counters.
Earlier, European stocks also surged to new highs after oil prices were lifted by agreement by Saudi Arabia and Russia to extend production cuts until March 2018.
At Bursa, the FBM KLCI added 2.78 points to 1,778.65 after a last minute surge.
“Following the bullish performance in the US and Europe, the KLCI could climb towards its resistance of 1,785,” it said.
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