KUALA LUMPUR: Hong Leong Industries (HLI), Magnum, Gabungan AQRS and Damansara Realty could see trading interest after their corporate announcements and announcements of construction contracts, says JF Apex Research.
Other counters that could also attract attention are Vitrox, Hock Seng Lee, Salcon and Benelac, it said.
HLI reported a 60% on-year jump in net profit, due to stronger contribution from an associate company and improved consumer products segment.
It said as for Magnum, the group’s 2QFY16 net profit dropped 63.5% on-year to RM21.84mil because of higher prize payouts.
Gabungan AQRS bagged a RM508.22mil sub-contract for the Sungai Besi-Ulu Klang Elevated Expressway (SUKE) construction from Syarikat Muhibah Perniagaan Dan Pembinaan Sdn Bhd.
JF Apex Research said Damansara Realty won a RM124mil contract to cater food for employees working at the Rapid Temporary Executive Village and Rapid Temporary Management Office at the Refinery and Petrochemical Integrated Development (RAPID) in Pengerang, Johor.
Vitrox’s earnings rose 44.6% on-year due to lower provision for taxation with its new pioneer status and higher sales from its machine vision system and automated board inspection segments.
Hock Seng Lee’s 2QFY16 net profit dropped 29% on-year to RM12.08mil, dragged down by its lower contribution from its construction and property development segments.
JF Apex Research also pointed out Salcon and Benelac called off their plan to build the water supply and sewerage treatment infrastructure in the Tanjung Piai Integrated Petroleum and Maritime Industrial Park in Johor.
Overnight on Wall Street, US markets posted slight gains led by energy counters after favourable jobless claims and business index data. Similarly, European stocks rose following higher oil price on talks of output freeze.
At Bursa, the FBM KLCI closed 0.55 point higher to 1,694.87 after recovering from an intraday low of 1,690.44.
“Following the positive performance in the US and Europe, the FBM KLCI could retest its resistance of 1,705,” it said.
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