KUALA LUMPUR: JF Apex Research expects JAKS Resources, Tenaga Nasional Bhd (TNB), Media Chinese International Ltd , Tan Chong Motor Bhd, Dialog Group Bhd and Progressive Impact Corp Bhd (Picorp) to be among the stocks to watch on Wednesday.
JAKS Resources has inked a Memorandum of Understanding (MoU) with Vietnam-based LICOGI 13 to acquire a power plant project as well as for future joint ventures for other solar and wind energy projects.
JAKS said the MoU was to acquire the Lig-Quang Tri Solar Power Project (LQT) that will come into operation at the end of June 2019 in the central province of Quang Tri, Vietnam.
Tenaga Nasional has earmarked a capital expenditure (capex) of between RM9bil and RM9.5bil for the current financial year ending Dec 31, 2019.
Of the total capex, RM6bil will be used for its grid division and RM2.5bil will be allocated for its generation division, mainly to cater for the Jimah East Power Plant and Southern Power Generation (SPG) Pasir Gudang Plant.
Media Chinese International has issued a profit warning yesterday, warning shareholders that it may record a net loss for the financial year FY19.
Tan Chong Motor managed to sell more cars that earned better profit in its 1Q19 compared with a year ago as quarterly net profit that came in at RM17.21mil, more than eight times the RM2.087mil reported in the previous corresponding quarter.
Dialog saw its net profit jump 20.9% year-on-year, mainly due to cost savings realised on completed projects and increased share of profit in joint ventures and associates.
Progressive Impact Corp has bagged a field measurement services contract for total petroleum hydrocarbon contamination in soil in Indonesia worth RM12.16mil.
Meanwhile, US markets rose overnight to rebound from trade war losses on hopes that a deal can still be struck.
Similarly, European stocks climbed as the US hold back from implementing additional tariffs on Chinese goods.
“Following the positive performance in Wall Street, the FBM KLCI could extend its rebound towards the resistance of 1,625 points,” JF Apex said.