Trading ideas: Top Glove, Paramount, Ancom, Ni Hsin, Permaju Industries


  • Corporate News
  • Friday, 17 Jul 2020

KUALA LUMPUR: Stocks to watch on Friday include Top Glove Corp Bhd, Paramount Corp Bhd, Ancom Logistics Bhd, Ni Hsin Resources Bhd and Permaju Industries Bhd, according to JF Apex Research.

Top Glove confirmed that the US Customs and Border Protection (CBP) had placed a detention order on disposable gloves manufactured by two of the rubber glove manufacturer's subsidiaries, namely Top Glove Sdn Bhd and TG Medical Sdn Bhd.

The group said the two subsidiaries that have been placed under detention order by the US’s CBP accounted for 12.5% of its total sales in the US.

Paramount is acquiring two plots of land near Kuala Lumpur City Centre (KLCC) from two subsidiaries of Wing Tai Holdings Ltd for RM243.8 million in cash.

The group said it intends to re-develop both sites into a premium high-rise residential development comprising about 650 units of condominiums, with an estimated gross development value of RM863mil.

S5 Holdings Inc, a company that provides integrated security IT solutions to governments, is seeking a back-door listing via Ancom Logistics.

Ni Hsin plans to raise between RM3mil and RM9.6mil through a renounceable rights issue, to fund the cookware maker’s diversification into the food and beverage business.

Ireka has signed definitive agreements with London Stock Exchange-listed Aseana Properties Ltd to undertake a demerger exercise which involves separating the interests of Ireka Group from Aseana, whereby the former holds a 23% stake in Aseana.

Permaju Industries clarified that its plan to venture into glove manufacturing jointly with Anzo, is still at the discussion stage. In a filing with Bursa Malaysia, Permaju stressed that no joint venture has yet to be formed.

Overnight, US markets declined overnight following mixed economic data such as jobless claims and retail sales.

Earlier, European stocks dropped after the European Central Bank kept interest rates and stimulus programs unchanged.

“Following the negative performances in the US and Europe coupled with plunge in mainland Chinese stocks, the FBM KLCI could extend its losses towards the support of 1,550 points with investors’ attention on glove counters,” JF Apex said.

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Top Glove , Paramount , Ancom , Ni Hsin

   

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