KUALA LUMPUR: JF Apex Research expects DRB-Hicom, Choo Bee, CBIP, Protasco
and Pintaras Jaya to be among the stocks to watch on Monday after their corporate news.
DRB-Hicom took over Malaysian Resources Corp Bhd's stake in a joint venture firm that was set up to build the new integrated, custom, quarantine and security (ICQS) complex at Bukit Kayu Hitam, Kedah, for RM7mil.
Meanwhile, StarBizWeek reported that French PSA Group (PSA) is likely to be chosen as the foreign strategic partner for Proton – a unit of DRB-Hicom -- as it presented the best proposal to rescue and expand Proton’s operations in Asean. PSA plans to raise Proton’s capacity from 150,000 units a year to between one million and two million units a year.
As for Choo Bee Metal, its 4QFY16 earnings jumped eightfold on the back of improved average selling price.
It also said CBIP secured two contracts totalling RM67mil from PT Lifere Agro Kapuas, a subsidiary of United Malacca Bhd, for the import of materials and equipment as well as to build a palm oil mill in Kalimantan, Indonesia.
JF Apex Research said Protasco bagged a RM90.1mil contract to maintain the agricultural roads in Perak.
Pintaras Jaya’s 2QFY17 net profit jumped by three folds, due largely to a significant improvement in contribution by its construction division and higher investment income;
As for Sterling Progress, the group is venturing into the hotel management business to seek alternate revenue streams and to reduce dependency on its ICT business.
Sumatec Resources, the group will embark on a slew of corporate proposals related to its Kazakhstan projects, with plans to raise some RM400mil via private placement, share issuance and rights issues with warrants.
Last Friday, US markets inched up on Friday to close at record highs amid uncertainty in France's presidential election. European equities were mixed after taking a breather from last week's rally.
At Bursa Malaysia, the FBM KLCI closed barely higher by 0.09 point to 1,707.68.
“Following the neutral performance in the US and Europe, the FBM KLCI could continue to hover below the resistance of 1,730,” it said.
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