Trading ideas: Top Glove, AirAsia, Wah Seong, My EG, Inari


KUALA LUMPUR: Top Glove Corporation, AirAsia Group, Wah Seong, MY EG Services and Inari Amertron are among the stocks which could see trading interest on Wednesday after the barrage of corporate news, according to TA Securities Research.

The world’s biggest glove maker, Top Glove estimates that its FY21 revenue will only drop by 3% following the temporary closures of its 28 factories in Klang due to the outbreak of Covid-19 in its worker dormitories.

As for low-cost carrier AirAsia Group, its net losses for the 3QFY20 narrowed to RM851.8mil from RM992.9mil in 2QFY20 on pent-up demand from local holidaymakers.

Impairments and provisions weighed on Wah Seong Corp as its net losses ballooned to RM255.8mil in 3QFY20 from RM29.6mil in 2QFY20, despite an improvement in revenue. The group recognised RM265.2mil worth of adjustments including impairments and provisions.

On a brighter note, My EG Services reported a net profit of RM70.7mil for 3QFY20, higher than the RM63.1mil in 2Q. Underpinning the firmer earnings were an increase in volume from Covid-19 health screening and sale of groceries through online store, as well as the introduction of new services.

TA Research also said Inari Amertron Bhd’s 1QFY21 net profit jumped 47% to RM70.1mil, from RM47.7mn a year prior, on higher volume loading of products and a reversal of deferred tax provision.

Leong Hup International Bhd’s 3QFY20 net profit rose by 38.5% from RM16.3mil in 2QFY20 on improved revenue from Vietnam and smaller losses from its Indonesian operations.

Syarikat Takaful Malaysia Keluarga reported lower family takaful product sales resulted in 3QFY20 net profit falling by 26.7% to RM82.6mil from RM112.3mil a year ago.

As for UEM Sunrise Bhd, its net losses narrowed to RM28.9mil in 3QFY20 from RM93.4mil in 2QFY20 on higher sales and construction activities, the absence of costs on written down inventories and lower unfavourable share of results from joint ventures and associates.

Meanwhile, Pos Malaysia Bhd’s net loss narrowed to RM7.4mil in 3QFY20, from RM19mil in the preceding quarter, on the back of easing nationwide movement restrictions and resumption of economic activities that benefited its mail, retail and logistics businesses.

Tan Chong Motor Holdings saw its net losses narrow to RM7.3mil in 3QFY20, from RM78.4mil in 2QFY20, following a rebound in vehicle sales and sales tax exemptions for locally manufactured vehicles.

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Top Glove , AirAsia , Wah Seong , My EG , Inari , TA Research

   

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