Trading ideas: AirAsia, Datasonic, DRB-Hicom, F&N, Ideal United Bintang

KUALA LUMPUR: AirAsia Group Bhd, Datasonic Group Bhd, DRB-Hicom Bhd, Fraser & Neave Holdings Bhd (F&N), Ideal United Bintang International Bhd and Mudajaya Group Bhd are among the stocks to watch on Tuesday, according to JF Apex Research.

AirAsia group CEO Tan Sri Tony Fernandes and group executive chairman Datuk Kamarudin Meranun have relinquished their executive roles for an indicative two-month period, amid a corruption probe in relation with AirAsia’s purchase of Airbus aircraft which has now garnered the attention of at three Malaysian authorities.

Datasonic has been awarded a facial recognition e-gate supply contract worth RM6.97mil by the Ministry of Home Affairs.

DRB-Hicom’s 50.1%-owned Proton Holdings Bhd recorded a total of 8,506 new registrations of its vehicles in January this year, representing a 20.2% year-on-year jump.

The automaker’s market share rose by 4.9% to 19.5%, compared to the same period last year, Proton said in a statement.

F&N’s 1QFY20 net profit grew by 4.48% year-on-year, driven by better operating profit from its Thai operations that offset decline in its Malaysian business.

Ideal United Bintang has signed a memorandum of understanding (MoU) with Penang Port Commission to refurbish parts of Swettenham Pier Cruise Terminal (SPCT) in Pulau Pinang;

Mudajaya’s indirect 18.93%-owned Indian associate RKM Powergen Pte Ltd has commenced power supply of 550MW to PTC India Ltd.

Meanwhile, US stocks rose solidly on Monday, recovering some of the losses from the previous session’s steep sell-off, but investors remained wary about the bounce as coronavirus fears lingered.

Likewise, European markets closed higher yesterday, bouncing back from a deep sell-off last week as fears over the coronavirus outbreak appeared to ease.

“We expect the local bourse to track overnight performances of overseas markets and rebound with its immediate support of 1,520 points and resistance level of 1,550 points, ” JF Apex said.

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AirAsia , Datasonic , DRB-Hicom , F&N


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