Trading ideas: Toyo Ventures, DNeX, PLS Plantations, SC Estate, FGV

KUALA LUMPUR: Stocks to watch on Monday include Toyo Ventures Holdings Bhd, Dagang Nexchange Bhd (DNeX), PLS Plantations Bhd, SC Estate Builder Bhd and FGV Holdings Bhd, according to JF Apex Research.

Toyo Ventures has entered into an investment and development agreement with its wholly-owned subsidiary Toyo Ink Group Bhd and also China Energy Engineering Investment Corporation Ltd for the development of the Song Hau 2 Thermal Power Plant project in Vietnam.

DNeX is acquiring an additional 60% of the issued share capital in Ping Petroleum Ltd for US$78mil (RM314.3mil), as the group looks to further strengthen its presence in the upstream oil and gas (O&G) segment.

PLS Plantations has proposed to place out 19 million new shares in the durian planter to CIMB Group Holdings Bhd's ex-chairman Datuk Seri Nazir Razak at 95 sen each under a private placement of up to 10% of the total number of issued shares in the company to improve its public shareholding spread and raise money to finance the expansion of its existing business.

SC Estate Builder has proposed to undertake a private placement of up to 20% of the total number of issued shares to third-party investors at an issue price to be determined later.

FGV Holdings’ non-interested directors have recommended that minority shareholders reject the proposed takeover offer for the plantation group’s shares at RM1.30 each by the Federal Land Development Authority’s (Felda), saying the offer is not fair and not reasonable after taking into account FGV’s fair value and initial public offering (IPO) share price of RM4.55 each.

HB Global has proposed to raise RM12.17mil via a private placement to repay creditors, and for use in future investments and working capital.

CMMT’s net property income (NPI) fell 16.5% year-on-year in its 4QFY20 on lower rental and car park income.

Meanwhile, US markets ended mixed on Friday with the Dow and S&P falling while the Nasdaq rose to a record high amid quarterly earnings and stimulus talks.

Earlier, European stocks declined due to concerns over the coronavirus and slower business activity.

“Following the mixed performances in the US and Europe, the FBM KLCI could remain sideways above its support of 1,590 points,” JF Apex said.

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