Trading ideas: Banking stocks, GPacket, MMAG, Superlon, Scientex, Sapura Energy

KUALA LUMPUR: Stocks to watch on Tuesday include banking stocks, MMAG Holdings Bhd, Green Packet Bhd, Sapura Energy Bhd, Superlon Holdings Bhd and Scientex Bhd, according to JF Apex Research.

The research house also expects Bintai Kinden Corp Bhd, Supermax Corp Bhd, Majuperak Holdings Bhd, Lagenda Properties Bhd and Iconic Worldwide Bhd to see trading interests following their latest corporate news.

A total of 23 transactions that flowed to or from banks in Malaysia between 2010 and 2016 had been flagged by US-based banks as suspicious, a leaked document of the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) revealed.

Green Packet and MMAG inked a master agreement whereby Green Packet's Kiplepay e-wallet will be used as the basis for e-wallet and digital payment solution for foreign workers employed by MMAG.

Superlon's net profit for the first quarter ended July 31, 2020 jumped 52.72% year-on-year, on impairment gain of RM72,000 and lower expenses.

Scientex is purchasing 202 acres of land in Pulai, Johor for RM185mil. It will be acquiring the eight parcels of land near its existing developments from Lee Pineapple Co (Pte) Ltd.

Sapura Energy's president and CEO Tan Sri Shahril Shamsuddin will retire from his positions upon turning 60 in March next year.

Datuk Mohd Anuar Taib has been appointed chief operating officer and CEO designate effective next month as part of a six-month transition.

Bintai Kinden has signed a licensing agreement with US-based Generex Biotechnology Corp for Covid-19 vaccine compounds in Malaysia.

Bintai Kinden will hold the exclusive licence in Malaysia when it comes to the commercialisation and development of compounds and research information when it comes to a Covid-19 vaccine.

Supermax is purchasing two pieces of land in Selangor from S P Setia for RM73.49mil to build the operational headquarters of its subsidiary Maxter Glove Manufacturing Sdn Bhd.

Lagenda Properties will be in a joint venture with Majuperak for an affordable housing project in Tapah, which will be built on four parcels of land measuring 92.97ha.

Leweko Resources' proposed rights issue will allow the company to preserve funds for its construction division as the management expects its construction activities to increase in the near term.

The company said the proposed exercise was expected to raise up to RM16.51mil based on an indicative issue price of nine sen per rights share.

Iconic Worldwide will be acquiring a 5.53-acre plot of land in Penang for RM12.53mil as part of its expansion into the personal protective equipment (PPE) business.

Meanwhile, US markets plunged overnight following rising cases of coronavirus.

Earlier, European stocks tumbled after UK scientists said the country could see 50,000 new cases a day coupled with tumbles of banking stocks following allegations on dealings with suspicious funds.

“Following the bearish performances in the US and Europe, the FBM KLCI could trend lower towards the support of 1,475 points,” JF Apex said.

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