KUALA LUMPUR: JF Apex Research expects Mah Sing Group, Guinness Anchor Bhd (GAB) and EA TECHNIQUE
to be among the stocks to watch on Monday amid a very cautious market.
Mah Sing cancelled the purchase of a prime freehold tract in Seremban measuring 1,051.3 acres for RM359.56mil, due to a breach of terms in the sale and purchase agreement (SPA) by the vendors.
GAB’s 4QFY15 net profit fell 6.2% on-year to RM44.02mil, due to low consumer sentiment, inflationary pressure post-goods and services tax (GST), and unfair competition from contraband beers.
JF Apex Research said EA Technique’s 2QFY15 net profit surged more than five-fold to RM15.21mil after it secured an engineering, procurement, construction, installation and commissioning (EPCIC) contract last year worth US$191.8mil. The contract was for a floating storage offloading (FSO) facility in the North Malay Basin offshore Peninsular Malaysia.
Last Friday, US markets climbed after improved economic data and higher oil price. In contrast, European stocks fell following plans for a new Greece bailout.
At Bursa Malaysia, the FBM KLCI lost 24.80 points to 1,596.82 to extend its selldown.
“Following the mixed performance in the US and Europe, we expect the KLCI to consolidate above its support of 1,585,” said JF Apex Research.