Trading ideas: MAHB, Wah Seong, Axiata, Mynews, Genting Malaysia

KUALA LUMPUR: Malaysia Airports Holdings Bhd (MAHB), Wah Seong Corp Bhd, Axiata Group Bhd, MyNews Holdings Bhd and Genting Malaysia Bhd are among the stocks to watch on Monday, according to JF Apex Research.

MAHB received an arbitration notice from Segi Astana Sdn Bhd (SASB) whereby SASB is claiming RM70mil from the airport operator for alleged losses and damages due to the delay in the commencement of commercial operations at the klia2 Integrated Complex.

Wah Seong's indirectly owned unit WDG Resources Sdn Bhd has expanded its exclusive distributorship for South Korea's Doosan Infracore Co Ltd construction equipment to East Malaysia, from only Peninsular Malaysia previously.

Axiata seems to have no plan to declare special dividend for its shareholders with the RM1.65bil sale proceeds from the divestment of its 28.7% stake in M1 Ltd.

The group said it will utilise RM1.06bil or 64% of the cash proceeds for repayment of debt in the second quarter of this year.

Mynews' 1QFY19 net profit jumped 30% year-on-year, helped by better sales and contributions from new outlets.

Genting Malaysia's indirect wholly-owned subsidiary Genting UK plc is disposing of its entire equity interest in Coastbright Ltd for some £34.6 million cash (approximately RM185mil).

Meanwhile, US markets plunged on Friday following concerns of global economic slowdown after the Federal Reserve's dovish stance last week.

Similarly, European stocks plummeted due to weaker-than-expected economic data and Brexit concerns.

“Following the bearish sentiment in global markets, the FBM KLCI could trend lower and test its support of 1,655 points,” JF Apex said.

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MAHB , Axiata , Genting Malaysia


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