Trading ideas: Top Glove, MESB, MyNews, UMW

KUALA LUMPUR: Top Glove, MESB, MyNews and UMW are among the stocks which could see trading interest on Tuesday following their corporate announcements, JF Apex Research said.

Top Glove is evaluating a dual primary listing on the Hong Kong Stock Exchange (HKEX). The proposed HKEX listing is still at a preliminary stage and the structure has not been finalised.

Top Glove is also said to be considering raising more than US$1bil from the listing, Bloomberg reported.

JF Apex Research said MESB has received a takeover offer from Lotus KFM's directors Wong Sak Kuan and Yau Ming Teck, after the two acquired a total of 29.49 million shares in MESB for RM8.85mil or 30 sen per share.

MyNews is bringing popular South Korean brand CU to Malaysia's shores. It signed a licensing agreement with BGF Retail Co Ltd, which runs the CU line of convenience stores.

MyNews plans to open 500 CU outlets in Malaysia within five years, with the first set of stores set to open in 2021

JF Apex Research said UMW Holdings said its automotive market share in Malaysia achieved a new record high of 53.7% in August. It registered a higher automotive sales volume in the third quarter of 2020 (3Q20) following stronger sales performance of Toyota and Perodua cars.

Tiong Nam Logistics has proposed the issuance of 67.05 million shares, representing 15% of its current share base, to raise RM29.2mil for capital expenditure to expand its business.

Of the total proceeds to be raised, RM28.8mil will go towards the acquisition and/or construction of additional warehouses to meet the increased demand for storage surfaces.

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