KUALA LUMPUR: Allianz Malaysia
, 7-Eleven, Hong Leong Industries and United Plantations are some of the stocks which could see trading interest on Wednesday after their corporate announcements, according to JF Apex Research.
The research house also expects Globetronics, Unisem, Sasbadi, Pantech and Aeon Credit to to generate some trading interest following their latest quarterly results.
Allianz Malaysia has ended discussions to acquire HSBC Amanah Takaful (M) Bhd.
7-Eleven is planning to undertake a rights issue of new warrants at an issue price of 10 sen for each warrant on the basis of one warrant for every two existing shares, to raise up to RM61.67mil for working capital purposes.
Hong Leong Industries's 3QFY17 net profit rose 26.55% year-on-year to RM74.22mil while United Plantations’s 1QFY17 net profit rose 30% year-on-year driven by its plantation segment.
Globetronics recorded a 27% year-on-year jump in its 1QFY17 net profit, mainly due to lower forex loss incurred during the period despite lower revenue achieved.
Unisem recorded a 29% year-on-year jump in its 1QFY17 net profit thanks to improved profit margin, higher interest income and lower interest expense.
Meanwhile, Sasbadi’s 2QFY17 net profit declined by 19.13% year-on-year, following lower revenue and higher operating costs.
Pantech saw its 4QFY17 net profit jump 53.9% year-on-year due to increased sales and delivery in its downstream oil and gas projects, namely the Refinery and Petrochemical Integrated Development (Rapid) project in Pengerang, Johor.
Aeon Credit Service saw its net profit for the 4QFY17 rise 17% year-on-year on the back of higher revenue.
Overnight, US markets rallied with the Nasdaq hitting all-time high following corporate earnings announcements and investors' expectation on a tax reform.
Earlier, European stocks jumped to multi-year highs after centrist Emmanuel Macron won the first round of French election.
“Following the bullish sentiment in the US and Europe, the FBM KLCI is expected to be positive and advance towards the resistance of 1,770 points,” JF Apex said.
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