Trading ideas: Genting, AirAsia, CIMB, Tadmax, HLT Global, Dataprep


KUALA LUMPUR: Stocks to watch on Wednesday include Genting Bhd, AirAsia Group Bhd, CIMB Group Holdings Bhd, Tadmax Resources Bhd, HLT Global Bhd and Dataprep Holdings Bhd, according to JF Apex Research.

Genting and its units are planning the first group-wide salary cut since its founding in 1965.

AirAsia has applied for leave for a judicial review of the Malaysian Aviation Commission’s (Mavcom) imposition of a RM2mil penalty on the airline for violating the Malaysian Aviation Consumer Protection Code 2016 (MACPC).

CIMB is believed to be the Malaysian bank that has significant exposure to troubled oil trader Hin Leong Trading, which owes almost US$4bil to more than 20 banks, including DBS Group Holdings Ltd, HSBC Holdings Plc and Standard Chartered Plc.

Tadmax Resources has inked an agreement to sell a 25% stake in its Pulau Indah power plant project to Korea Electric Power Corp (Kepco) for RM41.75mil.

HLT Global said its unit HL Advance Technologies (M) Sdn Bhd has entered into a distributor agreement with Accobiotech Sdn Bhd for the distribution of Covid-19 rapid test kits around the world.

Dataprep has proposed a private placement exercise to raise up to RM16.7mil for working capital, repayment of bank borrowings and future investments. It intends to issue up to 139.06 million shares, equivalent to 30% of its outstanding shares, at an issue price to be determined later.

Sino Hua-An International has proposed the issuance of new shares to settle its debts totalling RM5.6mil, without incurring an additional debt obligation or interest expense.

Separately, it also proposed a private placement exercise of up to 135.43 million shares to raise total gross proceeds of RM8.52 million, mainly for working capital purposes;

JF Apex said oil and gas counters are also in the limelight as crude oil prices continue to slide further.

Meanwhile, US markets tumbled overnight as oil prices plunged and the Senate approved a US$484bil coronavirus relief package.

Similarly, European stocks tanked amid sharp decline in oil prices and higher unemployment in the UK.

“Following the bearish performances in the US and Europe, the FBM KLCI could retest its support of 1,370 points,” JF Apex said.

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Genting , AirAsia , CIMB , Tadmax

   

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