KUALA LUMPUR: Fajarbaru Builder Group Bhd, Datasonic Group Bhd, MUHIBBAH ENGINEERING (M) BHD, IJM Corp Bhd, TELEKOM MALAYSIA BHD and AIRASIA Group Bhd are among the stocks to watch on Thursday, according to JF Apex Research.
Fajarbaru Builder has bagged two contracts worth a combined total of RM42.32mil from KNUSFORD BHD in relation to the Setiawangsa–Pantai Expressway (SPE) project.
Datasonic has teamed up with three Filipinos to bid for the Philippines National Identity System and Philippines Security Surveillance and Monitoring Solutions projects.
Muhibbah Engineering has secured a RM150mil contract from Petrofac (Malaysia-PM304) Ltd to undertake engineering, procurement, construction and installation (EPCI) works for the East Cendor Field Development (Phase 1) project located offshore Peninsular Malaysia.
JF Apex noted that BIMB, TM, Star Media, QL Resources, Sime Darby Property posted positive growths in their quarterly earnings.
On the other hand, Inari, IJM, AirAsia, Media Chinese, Genting Plantations, MPI, IJM Plantations saw their quarterly profits decline.
IJM saw a 5.3% decline in net profit to RM59.42mil for the first financial quarter ended June 30,
2019 (1QFY20) from RM62.76mil a year ago.
TM net profit grew 12% in the second quarter ended June 30,2019 to RM114.18mil on lower operating costs.
AirAsia’s net profit for the quarter ended June 30,2019 (2QFY19) fell to RM17.94mil from
RM361.81mil a year ago. Its quarterly revenue, however, was up 19.7% to RM3.14bil from RM2.62bil from a year ago.
Overnight, US markets rose overnight led by energy counters following higher oil prices amid concerns over inverting bond yields.
Earlier, European stocks declined as negative bond yields stoked fears of recession.
“Following the mixed performances in the US and Europe, the FBM KLCI could extend its sideways trend with support at 1,570 points, ” JF Apex said.