KUALA LUMPUR: Malaysia Building Society Bhd
(MBSB), Eversendai, IJM, PIE Industrial, DNex and Cycle & Carriage Bintang (CCB) are among the stocks to watch on Tuesday, says JF Apex Research.
MBSB is buying the entire interest in Asian Finance Bank (AFB) for RM644.95 million. The purchase will be satisfied via RM396.89mil in cash and an issuance of 225.51 million new ordinary shares in MBSB at RM1.10 apiece.
Eversendai has become the first Malaysian company to work on a Saudi Aramco offshore fabrication project. It won a RM180mil project and has recently been certified with the Saudi Aramco certification that allows it to execute Saudi Aramco projects.
The research house said IJM Corp is constructing an office building for HSBC Bank Malaysia Bhd in Kuala Lumpur city centre for RM392mil.
As for DNex, it bagged a sub-contract to undertake the encryption of radio frequency identification (RFID) vehicle entry permit (VEP) tags on foreign vehicles entering Malaysia.
PIE Industrial’s 3QFY17 net profit fell by 59.4% on-year due to higher provision for doubtful debts and lower gain from foreign currency exchange translation.
Cycle & Carriage posted a net loss of RM3.24mil in 3QFY17, compared to a net profit of RM8.29mil a year ago, due to losses in its retail operations as quarterly revenue dropped 12.79% on-year with reduction in unit sales and earnings.
Overnight on Wall Street, US equities hit record highs on Monday as sentiment on Wall Street was lifted by news of corporate deals.
At Burs Malaysia, the FBM KLCI index gained 1.36 points or 0.08% to end at 1,742.29 amid overnight gain in the US market.
“We continue to see the KLCI trending below its immediate resistance level of 1,750 in the absence of a strong catalyst,” it said.
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