Trading ideas: IGB, Bermaz Auto, Pavilion REIT, Pantech, Top Glove


  • Analyst Reports
  • Friday, 12 Jun 2020

KUALA LUMPUR: IGB Bhd. Bermaz Auto Bhd, Pavilion Real Estate Investment Trust (Pavilion REIT), Pantech Group Holdings Bhd and Top Glove Corp Bhd are among the stocks to watch on Friday, according to JF Apex Research.

IGB Bhd announced that its proposed commercial REIT will be established by the end of this year, with the group set to raise up to RM1.23bil through the disposal of 10 properties to the trust.

Meanwhile, the group posted a 64.25% decline in its 1QFY20 net profit as it faced a weak property market while its hotel business was hit by the COVID-19 outbreak.

Bermaz Auto’s 4QFY20 net profit shrank by 96.6% year-on-year on lower vehicle sales in Malaysia and Philippines.

Pavilion REIT registered a 36% year-on-year fall in its 1QFY20 net property income, on lower earnings from its retail and office portfolio, mainly the result of a 14-day rent free period because of the Covid-19 pandemic.

Pantech saw its 4QFY20 net profit decline 35.88% year-on-year, dragged by slow oil and gas activities, sale of smaller-margin products and higher taxes.

Top Glove has recorded its best-ever quarterly net profit at RM347.9mil in the 3QFY20, which more than quadrupled from RM74.67mil last year.

The group has declared an interim dividend of 10 sen per share in respect of FY20.

Meanwhile, US markets tumbled over 5% overnight following concerns of a second wave of coronavirus.

The Dow Jones Industrial Average plunged 1,861.82 points, or 6.9%, to close at 25,128.17. The S&P 500 slid 5.9% to 3,002.10 while the Nasdaq Composite dropped 5.3%. to end the day at 9,492.73.

Earlier, European stocks tanked after comments by the US Federal Reserve on the economy.

“Following the bearish performances in the US and Europe, the FBM KLCI could breach the immediate support of 1,550 points,” JF Apex said.

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IGB. Top Glove , Pantech , Bermaz Auto

   

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