KUALA LUMPUR: Muhibbah Engineering, Weida, UMW Oil & Gas and Dagang Nexchange
(DNex) could see trading interest today after their corporate announcements, says JF Apex Research.
The research house also expect Prestar Resources, SCGM, Malaysia Airports Holdings Bhd (MAHB), Caring Pharmacy and Luxcham to generate some trading interest after their quarterly results announcements and news reports yesterday.
It said Muhibbah Engineering has bagged a RM584.84mil contract from the Bintulu Port Authority to build a wharf, jetty and other associated facilities at Bintulu Port, Sarawak.
Weida has secured a 20-year government concession worth RM351mil to build new buildings and facilities for the Sarawak General Hospital under a build-lease-maintain-transfer model.
UMW-OG is disposing of its entire 50% stake in the NAGA 1 semi-submersible drilling rig for US$1.65mil (RM7.2mil).
JF Apex said this was a huge discount compared with the group's original cost of investment in NAGA 1 of US$17mil on March 11, 2005. The rig is co-owned with Japan Drilling Co Ltd.
Meanwhile, DNex said its associate company, Ping Petroleum Ltd, has received the nod from United Kingdom’s Oil and Gas Authority for a farm out agreement.
Prestar Resources is disposing of its plant at Song Than 3 Industrial Park in Vietnam for VND118.8bil (RM22.71mil) as part of plans to shift its manufacturing operation back to Malaysia. The steel maker is expected to report a net gain of RM8mil from the disposal.
SCGM has proposed a bonus issue of 48.4 million new shares on the basis of one bonus share for every three existing shares, to reward shareholders.
MAHB’s 1QFY17 net profit rose by over three times to RM62.02 million, thanks to contributions from its Malaysia operations while Caring Pharmacy’s 3QFY17 net profit increased by 3.3 times to RM5.28mil, on higher sales generated from existing outlets due to aggressive and extensive promotional campaign launched during the financial year.
Luxcham’s 1QFY17 net profit almost doubled to RM13.61mil from RM7mil a year earlier, thanks to higher contribution from the trading and manufacturing segments.
Meanwhile, JF APex said the FBM KLCI could follow suit and retest its resistance of 1,770 points following the gains in Wall Street.
US markets advanced overnight with the Nasdaq extending its all-time high after President Donald Trump is looking at breaking up big banks.
European stocks declined on Friday amid North Korea tension and earnings season with telcos leading the laggers.
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