Trading ideas: FGV, Wah Seong, Bumi Armada, Pestech

KUALA LUMPUR: Felda Global Ventures (FGV), Wah Seong and Bumi Armada could see trading action on Monday after their corporate announcements and based on news reports, says JF Apex Research.

It said FGV had confirmed that it is no longer looking to acquire a stake in Indonesia’s PT Eagle High Plantations Tbk.

Wah Seong received another job from Norwegian’s Statoil ASA that is related to the Johan Sverdrup Export Pipeline project (JoSEPP). The contract was valued at US$18.23mil or RM73.87mil.

Bumi Armada teamed up with India's Shapoorji Pallonji Oil and Gas Pte Ltd (SPOG) to  bid for works such as the design, fabrication and operations and maintenance of an floating production, storage and offloading (FPSO) vessel; 

Pestech will set up an operations centre for East Malaysia and Brunei after the purchase of a Sarawak company for RM4.5mil.

PUC Founder cancelled its proposal to subscribe for three million redeemable convertible preference shares in Green Forever Energy Sdn Bhd (GFE) for RM3mil. GFE had failed to obtain the Sustainable Energy Development Authority Malaysia's approval for its feed-in-tariff (FiT) application for a 425 kilowatt (kW) photovoltaic power plant.

Ajiya’s 2QFY16 net profit tumbled 84.1% on-year to RM973,000 due to weaker demand from the construction sector.

TH Heavy is believed to be close to securing a RM700mil contract to build at least two boats for the Malaysian Maritime Enforcement Agency.

Last Friday, US markets rose with the S&P hitting a record high after corporate results and positive manufacturing data. However, European stocks were mixed after UK's PMI declined to its lowest since March 2009.

At Bursa Malaysia, the FBM KLCI shed 0.12 of a point to 1,657.42 but off  the intra-day low of 1,651.9. 

“Following the mixed performance in the US and Europe, the KLCI could continue its resilient performance and trend sideways below the resistance of 1,685,” it said.

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