KUALA LUMPUR: MISC, Seacera, Damansara Realty, Southern Steel and BAT are among the stocks to watch on Wednesday after their corporate news, says JF Apex Research.
The research house said MISC's 4QFY17 net profit tumbled 87.1% on-year, dragged mainly by higher impairment loss of RM553.9mil.
As for Seacera, it is buying a 70% controlling stake in builder Teras Sari Resources Sdn Bhd, which is undertaking a RM338mil project to upgrade the road from Bandar Pekan to Kampung Sungai Miang in Pekan, Pahang.
JF Apex Research also pointed out Damansara Realty returned to the black in FY17 and expects to sustain its earnings growth momentum in FY18, with a topline growth of up to 15% on-year.
Southern Steel's 2QFY18 net profit almost doubled on-year thanks to higher sales and margins.
However, BAT announced a 74% on-year drop in its 4QFY17 net profit, on the absence of land sale related income, and as operating expenses ballooned due to the provision of impairment for prepaid excise duties.
On Wall Street, US markets climbed overnight after extending their rebounds amid volatile trading ahead of the release of inflation data later on Wednesday.
Earlier, European stocks tumbled, led by declines in telecommunication counters following quarterly results and flat inflation in the UK.
At Bursa Malaysia, the FBM KLCI added 2.85 points to 1,833.02.
“Following the mixed performance in the US and Europe, the KLCI is expected to remain sideways below the resistance of 1,840,” said JF Apex Research.
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