KUALA LUMPUR: JF Apex Research expects MISC, Scientex, Daibochi, Managepay
and HSS Engineers to be among the stocks to watch on Thursday after their corporate news.
It said MISC's 2QFY17 net profit fell 59% on-year as petroleum shipping and oil and gas structure construction revenue dropped coupled with asset impairment loss.
Scientex is buying 26.44ha of land in Rawang, Selangor, for RM85.38mil, marking the company's planned foray into the Klang Valley property market.
As for Minetech, it secured a RM35.19mil sub-contract for works at a Mass Rapid Transit 2 (MRT2) station.
JF Apex Research also noted that MPay teamed up with Contracts Rise Sdn Bhd to set up a joint venture company to secure a Mobile Virtual Network Operator (MVNO) licence from Malaysian Communication and Multimedia Commission (MCMC). It plans to launch its own MVNO starter pack for all Malaysians and foreigners in Malaysia.
Meanwhile, HSS Engineers’s 30%-owned HSS Integrated Sdn Bhd has clinched a RM16.5mil contract to provide preliminary design consultancy services for the first 220km of the East Coast Rail Link (ECRL).
Daibochi recorded a nearly 17% on-year decline in its 2QFY17 net profit on lower exports and higher raw material costs.
As Cepatwawasan, its earnings jumped over 90% in its second quarter ending June 30, 2017, to RM9.68mil from RM5.06mil a year ago.
Overnight on Wall Street, US markets closed lower on rising geopolitical tension between the US and North Korea.
Earlier, European stocks tumbled after US President Donald Trump warned North Korea and the latter responded with an idea of attacking Guam.
At Bursa Malaysia, the FBM KLCI lost 3.71 points to end at 1,777.94.
“Following the bearish performance in the US and Europe, the KLCI could retrace further towards the support of 1,770,” it said.
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