Trading ideas: MyEG, GPacket, Taliworks, Widad, Magna Prima, Kumpulan Powernet


KUALA LUMPUR: MyEG Services Bhd, Green Packet Bhd, Taliworks Corp Bhd, Widad Group Bhd, Magna Prima Bhd and Kumpulan Powernet Bhd are among the stocks to watch on Thursday, according to JF Apex Research.

MyEG confirmed that it has not entered into any collaboration with the Social Security Organisation (Socso) in relation to the launch of its one-stop portal for employers to manage the Covid-19 screening of their workforce.

It was commenting on Socso's statement that it has not established any cooperation with MyEG for the implementation of the Prihatin Screening Programme.

Green Packet’s wholly-owned unit Kiplepay Sdn Bhd signed an agreement with the cloud computing arm of Chinese technology giant Tencent Holdings Ltd to provide e-KYC (Electronic Know Your Customer) services.

Kiplepay had signed the agreement with Tencent Cloud to provide the KipleID e-KYC to businesses, especially banks and financial institutions, it said in a statement.

Taliworks’ 1QFY20 net profit rose 36.5% year-on-year, on lower operating costs and higher other operating income.

The higher net profit for 1QFY20 was partially offset by a higher share of losses from associates and lower revenue.

Widad has inked an agreement to enter the building disinfectant business under its facilities management segment.

Magna Prima Bhd’s major shareholder Top Fresh Foods (M) Sdn Bhd has raised its deemed interest in the company by 1.5 million shares, following an off-market acquisition on May 12, bringing its total indirect or deemed interest in Magna Prima to 72.05 million shares, representing a 21.51% stake.

Kumpulan Powernet has bagged a US$48mil (RM208mil) contract from Ghaurishankar Power Development Pvt Ltd (GDP) to build a mini hydro power plant in Solukhumbhu, Nepal.

Meanwhile, US markets tumbled overnight after the Federal Reserve chairman warned about uncertainties in the economy.

Earlier, European stocks declined following concerns of a second wave of coronavirus outbreak.

“Following the negative performances in the US and Europe, the FBM KLCI could see

profit taking kicks in, to trend below the resistance level of 1,415 points,” JF Apex said.

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