Trading ideas: Karex, Ho Hup, Fajarbaru, FGV, MMC

KUALA LUMPUR: JF Apex Research expects Karex Bhd, Ho Hup Construction Co Bhd, Fajarbaru Bulider Group Bhd, FGV Holdings Bhd and MMC Corp Bhd to be among the stocks to watch on Tuesday.

Karex has announced plans to set up glove production. Its wholly owned Innolatex (Thailand) Limited (ITL) is planning to set up a new manufacturing facility at its existing plant in Hatyai with the capacity to produce 2.5 billion gloves a year.

Ho Hup has secured a RM137mil contract for upgrading works under phase two of the Klang Valley Double Track (KVDT) project.

Fajarbaru bagged a RM108mil contract for residential development.

On quarterly results, JF Apex noted that FGV, MMC, Lagenda, Dutch Lady, Tomei, and Lay Hong recorded higher quarterly profit, while Hibiscus Petroleum, Tiong Nam, Paramount, Notion Vtec and LTKM posted losses.

FGV posted a second-quarter net profit of RM20.55mil versus a net loss of RM52.2mil a year earlier. FGV said revenue rose to RM3.29bil for the second quarter ended June 30, 2020 from RM3.28bil.

MMC’s second quarter net profit grew 15.08% to RM77.36mil, from RM67.23mil a year ago.

Meanwhile, US markets surged overnight with the S&P extending its record high following lower coronavirus cases and developments in vaccine.

Earlier, European stocks advanced following progress in a coronavirus vaccine.

“Following the positive performances in the US and Europe, the FBM KLCI could climb today with support at 1,550 points,” JF Apex said.

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Karex , Ho Hup , Fajarbaru , FGV


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