Trading ideas: Advancecon, Inta Bina, MGB, LKL, Iconic

KUALA LUMPUR: Stocks to watch on Thursday include Advancecon Holdings Bhd, Inta Bina Group Bhd, MGB Bhd, LKL International Bhd and Iconic Worldwide Bhd, according to JF Apex Research.

Advancecon has secured two subcontracts worth a total of RM80.8mil for the construction of subgrade and related works for the East Coast Rail Link (ECRL) project.

Inta Bina has bagged an RM52.13mil contract to undertake the main building works for the Eco Majestic gated community township in Semenyih, Selangor.

MGB has bagged a contract worth RM122.3mil to undertake the construction of serviced apartments and related facilities in Sepang, Selangor.

LKL has bagged a nitrile glove contract worth US$18.96mil or RM78.49mil to supply nitrile gloves to an unnamed China-based company.

Iconic Worldwide is planning to diversify into the manufacturing of personal protective equipment (PPE), including gloves and disposable face masks, involving an estimated investment cost of about RM155.5mil.

Vizione is planning to acquire a 51%-stake in specialty medical gloves maker SSN Medical Products Sdn Bhd for RM5mil, to venture into the glove-making sector.

MQ Technology has entered into a Memorandum of Agreement to acquire a 70% stake in rubber and plastic medical products manufacturer Kibaru Manufacturing Sdn Bhd.

Perdana Petroleum will be supplying an anchor handling tug supply vessel to ROC Oil (Sarawak) Sdn Bhd for drilling and project activities for RM10mil.

Meanwhile, US markets advanced overnight as investors look forward to the jobless claims data which will be released on Thursday.

Earlier, European stocks ended positively amid Euro zone headline inflation turning negative in

August and German retail sales unexpectedly falling in July.

“Following the overnight positive performances in the US and Europe, the FBM KLCI could continue its winning streak with resistance at 1,550 points whilst support at 1,510 points,” JF Apex said.