Trading ideas: Magnum, Top Glove, Cypark, Genting


  • Business
  • Monday, 22 May 2017

KUALA LUMPUR: Magnum, Top Glove, Cypark Resources and Genting Malaysia are among the stocks to watch on Monday after their corporate news, says JF Apex Research.

It said Magnum and its unit Magnum Holdings Sdn Bhd were slapped with notices of assessment by the Inland Revenue Board (IRB), with penalties amounting to RM476.47mil. 

Magnum's 1QFY17 net profit slumped 55.6% on-year, on lower gaming sales and weak consumer spending; 

As for Top Glove, the world’s largest glove maker is acquiring a factory in Negeri Sembilan from A1 Glove Sdn Bhd for RM31.5mil and another in Johor from Titi Glove Sdn Bhd for RM7.5mil.
 
Cypark Resources has bagged two contracts from Selasih Mentari Sdn Bhd and Revenue Vantage Sdn Bhd totaling RM75.01mil to build two large-scale solar photovoltaic (PV) plants in Negeri Sembilan.

JF Apex Research pointed out that Genting Malaysia may have to write off an investment of US$274mil (RM1.18bil) should the US Department of Interior (DOI) effectively decide that construction of the First Light Resort & Casino (FLRC) in Massachusetts is not able to proceed.

MyEG is buying a controlling 67% stake in Essential Reviews Sdn Bhd, which owns the popular food review website EatDrinkKL, for RM1.25mil cash; 

Choo Bee Metal's 1QFY17 net profit rose over three-fold to RM11.55mil on improved average selling prices, interest income and foreign exchange gains; 

Ho Hup reported a 35% on-year drop in its 1QFY17 net profit due to a decline in revenue

IHH Healthcare has sold its remaining 4.78% stake in India's Apollo Hospitals Enterprise Ltd — the second of two tranches — for INR8.198 billion (RM551.1mil). The group first sold its 6.07% stake in Apollo earlier this year, which helped double its 1QFY17 net profit.

Last Friday, US markets extended their rebounds on fading concerns about Donald Trump's presidency. Earlier, European stocks following easing concerns on US' political turmoil
 
JF Apex Research said on the local market, the FBM KLCI added 1.11 points to 1,768.28. 

“Following the improved performance in the US and Europe, the FBM KLCI could be positive today with resistance at 1,785,” it said.
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