Trading ideas: Utusan, Icon Offshore, Mintye, BToto, Guan Chong, SunCon

KUALA LUMPUR: Utusan Melayu (M) Bhd, Icon Offshore Bhd, Mintye Bhd, Berjaya Sports Toto Bhd (BToto), Guan Chong and Sunway Construction Bhd are among the stocks to watch on Tuesday, according to JF Apex Research.

Utusan posted net losses of RM3.89mil in the second quarter ended June 30, 2019 compared with a net profit of RM18.85mil a year ago due to reduction in publishing, distribution and advertising by RM37.96mil.

Icon is making a cash call to raise up to RM250mil fresh capital and to restructure RM370.66mil of debt, partly by issue of new shares.

Mintye has received a privatisation offer from Yatee & Sons Sdn Bhd for a selective capital reduction (SCR) and a corresponding capital repayment of RM1.30 per Mintye share, which is a 35.42% premium to the last closing price of 96 sen last Friday.

BToto posted a net loss of RM41.38mil in the two months ended June 30, 2019 mainly due to a RM78.43mil impairment of goodwill and assets.

Guan Chong’s net profit rose 42% year-on-year to RM60.1mil or 12.77 sen per share in its second quarter ended June 30, 2019 (2QFY19).

SunCon net profit for a consecutive quarter for the second quarter ended June 30, 2019 (2QFY19) by 7.23%.

Meanwhile, US markets rallied overnight after bond yields rebounded, easing concerns of a global recession.

Earlier, European stocks advanced following hopes for fiscal stimulus from Germany and China.

“Following the rebound in the US and Europe, the FBM KLCI could climb towards its resistance of 1,630 points,” JF Apex said.

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Utusan , Guan Chong , Mintye


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