KUALA LUMPUR: Selangor Dredging, Berjaya Sports Toto, Axiata, Ire-Tex and Scientex are among the stocks to watch on Wednesday after their announcements, says JF Apex Research.
Selangor Dredging is selling Wisma Selangor Dredging along with the land on Jalan Ampang for RM480mil cash to Golden Eagle Realty Sdn Bhd, for which it is expected to gain RM146.8mil at the group level.
The research house pointed out Berjaya Sports Toto reported a 30% on-year drop in its 4QFY17 net profit, dragged mainly by its gaming operations in both Malaysia and the Philippines.
As for Sapura Resources, it is partnering Destini
to strengthen its aviation business by expanding its customer base to include government and regional markets.
Axiata is buying a Pakistani tower company for US$90mil (RM385.51mil) through its unit edotco Pakistan Pvt Ltd. The purchase of Tanzanite Tower Pvt Ltd is expected to expand edotco’s presence in Pakistan with a sizeable portfolio of about 700 towers.
JF Apex Research said Scientex’s 3QFY17 net profit rose 8.6% on-year, driven by stronger exports in the group's manufacturing segment and higher progress billings for ongoing property development projects.
As for Top Glove, it intends to expand into the condom-manufacturing business by next year as the condom business is considered to be related to the rubber glove business.
The research house said Ire-Tex has failed to meet a deadline to pay the interest payment on its irredeemable convertible unsecured loan stocks that were issued in 2014, which may constitute an event of default.
Overnight on Wall Street, US markets closed lower, dragged by energy counters following decline in oil prices.
Earlier, European stocks ended lower as oil price hit a seven-month low and Bank of England Governor's comment that rates are unlikely to rise anytime soon.
At Bursa, the FBM KLCI fell 8.19 points to end at 1,780.71.
“Following the bearish performance in the US and Europe, the KLCI could extend its decline towards the support of 1,760,” it said.
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