Trading ideas: MSM, MMC, Yee Lee, Benalec, Yong Tai, Damansara Realty

KUALA LUMPUR: JF Apex Research expects MSM Malaysia Holdings Bhd, MMC Corp Bhd, Yee Lee Bhd, Benalec Holdings Bhd, Yong Tai Bhd and Damansara Realty to be among the stocks to watch on Thursday. 

MSM is on track to introduce healthier sugar-related products to enhance the company's revenue by year-end.

MMC announced that it has been refunded by the Inland Revenue Board of Malaysia (IRB) the amount of RM20.27mil, and that its additional income tax issues have been resolved.

The privatisation of Yee Lee is not materialising at this juncture as the joint offerors, one of whom is the company's controlling shareholder, have not been able to garner enough acceptance for their voluntary takeover offer.

Benalec is disposing of two of its sand carrier vessels for US$3.82mil (RM15.82mil) to improve its cash flow amid the softening of the domestic and regional maritime industry.

Yong Tai announced that its wholly-owned subsidiary YTB Impression Sdn Bhd has terminated a joint development agreement with JM Bestari Land Sdn Bhd to develop a piece of land in Malacca.

Damansara Realty has estimated the renewal of its parking management contract at the Madrigal Business Park (MBP) in southern Manila to be worth RM62mil.

London Biscuits announced that it has received a notice of demand (NOD) from Bank of Nova Scotia Bhd for the sum of RM9.83mil.

Meanwhile, US markets rose overnight with the Dow and Nasdaq hitting record highs as investors expect the Federal Reserve to cut interest rates. 

Earlier, European stocks advanced after IMF chief Christine Lagarde was nominated as the next head of ECB.

Following the positive momentum in Wall Street, the FBM KLCI could extend its gains towards the resistance of 1730 points.