Trading ideas: Country Heights, Mitrajaya, Gadang, Ire-Tex, London Biscuits


  • Analyst Reports
  • Thursday, 07 Nov 2019

KUALA LUMPUR: Country Heights Holdings Bhd, Mitrajaya Holdings Bhd, Gadang Holdings Bhd, Ire-Tex Corp Bhd and London Biscuits Bhd are among the stocks to watch on Thursday, according to JF Apex Research.

Country Heights has proposed to sell a piece of vacant land in Kuala Lumpur for RM54.25mil. Disposal proceeds would provide cash flow for the group to use as working capital and repay borrowings.

Mitrajaya has bagged am RM137mil contract to build a block of 37-storey condominiums with amenities in Mont Kiara.

Gadang said it intends to participate in the open tender for three Pan Borneo Sabah packages worth RM925mil (to be awarded next year) besides having submitted bids for some RM1bil worth of construction jobs.

The group is also awaiting the opportunity to submit its bids on the Sarawak portion of the Pan Borneo Highway, as well as the East Coast Rail Link (ECRL) project, which it has been shortlisted for.

Ire-Tex has slipped into PN 17 status after its external auditors Nexia SSY PLT expressed a disclaimer of opinion on the group's financial statements for the FY19.

London Biscuits has defaulted on principal payments to seven banks, amounting to a total of RM89.19mil.

Meanwhile, US stocks closed flat yesterday, struggling to sustain the recent rally that drove the market to record highs, as traders worried about U.S.-China trade discussions.

The Dow Jones Industrial Average was flat, losing just 7 points to 27,492.56. The S&P 500 was also barely changed, closing at 3076.77.

Meanwhile, European markets close slightly higher with trade and earnings in focus.

“Following the mixed performances in the US and Europe, the local benchmark index could trade sideways below the immediate resistance of 1,610 points in the absence of fresh leads, ” JF Apex said.

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Mitrajaya , Gadang , Ire-Tex , Country Heights

   

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