The research house also expects Redtone, UMW Holdings and T7 GLOBAL to generate some trading interest following their corporate announcements.
Yong Tai is planning two new developments with an estimated gross development value of RM2.3bil in Malacca after buying two pieces of leasehold commercial land measuring 12 acres, to complement its Impression City master development.
Mulpha International has announced a 10-to-one share consolidation plan to improve its capital structure and reduce the trading volatility of its shares while Ranhill warns that its wholly-owned unit Ranhill Water Technologies Sdn Bhd (RWT) may face legal action in relation to alleged breach of contracts over failing to construct a water treatment plant in Sepang, Selangor, for WRP Asia Pacific Sdn Bhd.
JF Apex said Alam Maritim has bagged a one-year contract to provide subsea inspection, maintenance and repair services for RM99mil and Redtone International’s 3QFY17 net loss halved to RM3.62mil from RM7.2mil a year ago, in the absence of a goodwill impairment and losses from discontinued operations.
UMW Holdings’ property unit UMW Land Sdn Bhd and the Malaysian Investment Development Authority plan to team up to develop a 348.3-hectare land in Serendah, Selangor, into a high-value manufacturing park focused on aerospace and smart manufacturing.
T7 Global has signed a heads of agreement with MARA Aerospace & Technologies Sdn Bhd to collaborate on aerospace-related training programmes.
Meanwhile, the U.S. market fell over 1% as financial counters tumbled as Trump rally fizzles with investors turned their focus on healthcare reform.
Similarly, European markets closed lower on Tuesday following the news that Republican members of U.S. Congress has prepared their replacement bill for Obamacare which is expected to have significant impact to tax credits and low-income group.
“Asia markets set to open lower today following Wall Steet’s decline. The local bourse is subject to profit taking and trend down below 1,750 level, tracking overnight losses in overseas markets,” JF Apex said.
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