KUALA LUMPUR: DRB-Hicom, banks, Hua Yang, EKA Noodles and EIG could see trading interest on Thursday in this holiday-shortened week after the latest news reports and company announcements.
StarBiz reported Chinese car manufacturer Geely Automobile Holdings Ltd is said to be leading the race to become the technical partner of national car manufacturer Proton Holdings Bhd – a unit of DRB-Hicom.
Proton has made some changes to the top executives of its operations in preparation for the entry of a new technical partner.
“It is learnt that both Geely and PSA want 51% in the manufacturing plant in Tanjung Malim. The government has given the green light for foreigners to own a majority stake in the assembly plant,” said StarBiz.
Meanwhile, CIMB Equities Research is still rating Malaysian banks as Overweight due to their attractive valuations and an expected recovery in net profit growth from 0.3% in 2016 to 11.2% in 2017.
The research house said on Thursday RHB Bank, AMMB and Affin Holdings
trading below their five-year average price-to-earnings (P/Es) for FY17.
JF Apex Research said Hua Yang expects its northern region projects to contribute up to 30% to its revenue for its financial year ending March 31, 2018 (FY18).
EKA Noodles said the requisition for its Feb 6 extraordinary general meeting has been withdrawn.
As for EIG, the group inked a distribution agreement with Frostbland Pty Ltd for the right to sell and distribute Clinelle skin care products in Australia, New Zealand and the South Pacific Islands.
Overnight on Wall Street, US markets ended higher overnight after the Federal Reserve kept interest rates unchanged. Earlier, European stocks advanced led by basic resources and automotive counters after positive corporate earnings.
On Tuesday, the FBM KLCI fell 14.82 points to 1,671.54 on foreign selling pressure.
“Following the positive performance in the US and Europe, the FBM KLCI could be buoyed above the support of 1,660,” it said.
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