Trading ideas: Genting Malaysia, Sunway, Zhulian, AirAsia, MAHB, Alam Maritim, CIMB

KUALA LUMPUR: JF Apex Research expects Genting Malaysia Bhd, Sunway Bhd, Zhulian Corp Bhd, AirAsia Group Bhd, Malaysia Airports Holdings Bhd (MAHB), Alam Maritim Resources Bhd and CIMB Group Holdings Bhd to be among the stocks to watch.

The research house also expects Hua Yang and IGB Real Estate Investment Trust (REIT) to generate trading interest following their latest quarterly results.

Fox Entertainment Group LLC, Twentieth Century Fox Film Corp and FoxNext LLC (Fox) have filed a US$46.4mil counter claim against Genting Malaysia’s suit against them for breach of contract at the US District Court, Central District of California.

Sunway Bhd, in a joint venture with Singapore's Hoi Hup Realty Pte Ltd, has secured a 2.5-hectare piece of land in Tampines, Singapore for S$434.45mil (RM1.32bil) for the development of executive condominiums.

Zhulian’s 4QFY18 net profit grew 37.91% year-on-year, on lower income tax expense. However, its quarterly revenue fell 23.69% year-on-year.

AirAsia is seeking more than RM400mil in counter-claims against MAHB in response to a suit filed by the airport operator last month over outstanding airport taxes.

Alam Maritim has secured work orders worth some RM24.62mil from Petronas Carigali Sdn Bhd for the provision of three platform supply vessels.

CIMB is selling its indirect 51% equity interest in insurance broker CIMB Howden Insurance Brokers Sdn Bhd to its partner HBG Malaysia Sdn Bhd (Howden) for RM59.6mil.

Hua Yang reported a net profit of RM5.77mil in the third quarter ended Dec 31, 2018 against a net loss of RM815mil in the previous year, owing to higher revenue.

IGB REIT’s net profit for its 4QFY18 slipped 9.9% year-on-year, due to a lower revaluation surplus on investment properties.

Meanwhile, US markets rebounded following strong corporate earnings.

Earlier European stocks declined as investors are cautious on the progress of US-China trade talks and slower China GDP.

“Following the mixed performance in the US and Europe, the FBM KLCI could trend sideways and hover below the resistance of 1,710 point amid uncertainty over US-China trade talks,” JF Apex said.

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