KUALA LUMPUR: JF Apex Research expects Sime Darby, IGB Corp, Daya Materials and Ann Joo
to be among the stocks to watch on Tuesday after their corporate news.
Other companies which could see trading interest include Zecon, HSS Engineers, YSP Southeast Asia Holdings, Salutica and SCH.
Sime Darby has launched a reverse takeover (RTO) of Japan’s Saizen Real Estate Investment Trust (REIT), under which it will be injecting several of its industrial properties in Australia into the REIT, in exchange for a certain amount of units in the REIT and cash.
IGB Corp is selling its Renaissance Kuala Lumpur Hotel for RM765mil while Daya Materials bagged a three-year contract from Schlumberger Ltd to provide specialised well services in Saudi Arabia, starting from the third quarter of this year.
JF Apex Research said Zecon signed a heads of agreement (HoA) with PR1MA Corp Malaysia for a proposed residential property development within an estimated 22-hectare tract at Sarawak's Salak Land district in Kuching.
HSS Engineers bagged a RM41.33mil contract to provide construction supervision services for the Selangor Alignment of the West Coast Expressway.
YSP Southeast Asia Holdings’s 2QFY16 net profit grew 99.2% on-year to RM6.8mil on lower cost margin in product mix and favourable unrealised foreign exchange recognized.
JF Apex Research said Salutica’s 4QFY16 net profit fell 51.74% on-year to RM7.51mil, on higher income tax due mainly to certain non-deductible expenses.
Ann Joo Resources has returned to the black in its 2QFY16 results, on improved cost structure. The group also declared a special dividend payment of six sen per share, in conjunction with the group's 70th anniversary.
As for SCH, it has proposed to raise RM20.61mil via a bonus issue of 206.12 million warrants, on the basis of one warrant for every two existing SCH shares held.
Overnight on Wall Street, US markets climbed to new all-time highs led by material counters and higher oil prices. European stocks were flat despite a rebound in oil prices.
At Bursa Malaysia, the FBM KLCI gained 6.18 points to end at 1,690.33 points to extend its uptrend.
“Following the mixed performance in the US and Europe, the FBM KLCI could hover below its resistance of 1,705,” said JF Apex Research.
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