KUALA LUMPUR: Stocks to watch on Monday include United Malacca Bhd, NTPM Holdings Bhd, Sanichi Technology Bhd, Gamuda Bhd, Parlo Bhd, Serba Dinamik Group Bhd and Destini Bhd, according to JF Apex Research.
United Malacca is halting the operations of its 60%-owned Indonesian joint venture PT Wana Rindang Lestari (WRL) in Sulawesi to address environmental issues highlighted by non-government organisations (NGOs).
NTPM's net profit for the first quarter ended July 31, 2020 skyrocketed to RM14.64mil, from RM503,000 a year earlier mainly due to lower raw material costs, such as virgin pulp and waste paper prices, and overhead costs.
Sanichi is raising RM31.91mil to fund its maiden property development in Melaka. It will be placing 524.82 million shares or 30% of its issued share capital to third-party investors.
Of the RM31.91mil targeted, RM30.71mil would be used for the Marina Point project in Melaka.
Gamuda slipped into the red for its 4QFY20 with a RM17.34mil loss due a one-off asset impairment following the shutdown of one of its Industrialised Building System (IBS) factories.
Parlo has inked a memorandum of understanding (MoU) with Myanmar's Diamond Palace Group of Companies Ltd and Agensi Perkerjaan Seaview Hectare Sdn Bhd to provide employment agency-related services to diversify revenue amid Covid-19 that has weighed on the travel industry.
Serba Dinamik has inked an MoU with Huawei Technologies to develop digital solutions involving the adoption to the latter's cloud and artificial intelligence technology.
Destini is raising RM78.19mil with a private placement involving 20% of its issued share capital for working capital. Of the proceeds, RM50mil will be used for new projects and RM28.14 million for existing projects.
Tiong Nam Logistics is investing RM200mil in capital expenditure (capex), which will go towards the construction of three new warehouses, the expansion of its truck fleet and for the logistics business.
Meanwhile, US markets rallied on Friday following a strong rebound in technology counters.
Earlier, European stocks ended lower as investors remain concerned about rising coronavirus cases affecting economic recovery.
“Following the positive performance in Wall Street, the FBM KLCI could extend its rebound with support at 1,475 points,” JF Apex said.