Trading ideas: Mieco, Destini, SYF, Pestech, MyEG



KUALA LUMPUR: JF Apex Research expects Mieco Chipboard, Destini, SYF Resources, Pestech and MyEG Services to be among the stocks to watch on Monday.

Mieco Chipboard is selling its unit Mieco Wood Products Sdn Bhd, which is mainly involved in reforestation, for RM35mil cash to repay borrowings and for additional working capital.

JF Apex Research said Destini is buying the remaining 49% stake in Vanguard Composite Engineering Pte Ltd, for S$3.5mil cash to increase its profit contribution to the group.

SYF’s net profit for the fourth quarter ended July 31, 2015 almost doubled to RM10.13mil following contribution from its property development segment.

As for Pestech, JF Apex Research said the company secured a RM134mil Tenaga project for the Yong Peng station.

The research house pointed out MyEG has proposed one-for-one bonus issue to reward shareholders.

Last Friday, US markets closed mixed as Nasdaq lost 1% following a sell-down in biotech stocks. European stocks rallied as concerns on economic slowdown faded after US Federal Reserve said it will raise interest rate later this year.

At Bursa Malaysia, the FBM KLCI closed 1.48 points higher at 1,615.01 after recovering from an intraday low of 1,603.02.

“Following the mixed performance in US markets, we expect the KLCI to consolidate above the support of 1,600,”  it said.
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