KUALA LUMPUR: JF Apex Research expects Dufu Techonology Corp Bhd, KLCCP Stapled Group, MCE Holdings Bhd, Nestle (M) Bhd, Tasek Corp Bhd and Ikhmas Jaya Group Bhd to be among the stocks to watch on Wednesday.
Dufu Techonology’s 1QFY20 net profit more than tripled to RM14.14mil from RM4.17mil a year earlier, on higher revenue and unrealized forex gain, as a result of the stronger US dollar.
KLCCP Stapled has reported a 3.85% year-on-year decline in its 1QFY20 net profit, due to the negative impact in its hotel segment.
AT Systematization, through its wholly-owned unit AT Precision Tooling Sdn Bhd, has signed a memorandum of understanding (MoU) with Shanghai JieNaXin Mech & Elec Equipment Co Ltd (JNX) to ease the shortage of three-ply face masks.
It said both companies would collaborate in producing high precision tooling parts for melt-blown non-woven fabric mask making machines, such as spinneret, as well as localisation of the spinneret.
MCE Holdings has bagged a contract from Perodua to supply various electronics and mechatronic components and parts for the car maker’s new models.
The group said the contract is expected to generate a revenue of RM34mil over the six-year contract period, while the estimated total investment cost is RM2.2mil.
Nestle’s 1QFY20 net profit tumbled 20.8% year-on-year while revenue fell marginally by 1.2%.
The group decides to maintain its 95% dividend payout policy despite a challenging operating environment.
Tasek swung into the black in its 1QFY20, with a net profit of RM4.74mil, on the back of lower sales rebate and production costs in the cement segment.
Ikhmas Jaya, whose external auditor raised a red flag on its financials, has announced that its independent and non-executive director Yeun Choong Lai has resigned from the board.
The group also announced that its chairman Datuk Syed Fadzillah Syed Awalludin has resigned from his post.
Meanwhile. US markets climbed overnight amid quarterly earnings season and states begin to reopen their economies
Earlier, European stocks advanced amid higher oil prices and coronavirus cases started to ease.
“Following the positive performances in the US and Europe, the FBM KLCI could climb and retest its resistance level of 1,415 points,” JF Apex said.
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