Trading ideas: Mieco, Kanger, Advancecon, Grand-Flo, UWC, Techfast

KUALA LUMPUR: Mieco Chipboard Bhd, Kanger International Bhd, Advancecon Holdings Bhd, Grand-Flo Bhd, UWC Bhd, Techfast Holdings Bhd and CB Industrial Product Holding Bhd are among the stocks to watch on Wednesday, according to JF Apex Research.

Mieco Chipboard has proposed a 3-for-5 bonus issue which entails the issuance of 315 million shares in the company.

Kanger International has bagged a contract to build two blocks of serviced apartments totalling RM478mil in Genting Highlands.

Advancecon has been appointed a subcontractor for ground treatment works for Section 4 of the East Coast Rail Link (ECRL) project for RM14.6mil.

Grand-Flo is planning to buy two properties in Genting Highlands — the land and project development rights of an ongoing mixed development known as Grand Ion Majestic (GIM), and the adjacent serviced apartments and commercial lots of a completed project known as Grand Ion delemen (GID) — for RM422.89mil.

UWC's 2QFY21 net profit more than doubled to RM27.24mil compared with RM13.31mil in the previous year's corresponding quarter due to a higher revenue recorded amid strong global demand in the semiconductor industry.

Techfast is proposing to diversify into the trading of petroleum products, oil bunkering, and other related businesses.

CBIP said its wholly-owned PalmitEco Engineering Sdn Bhd (PESB) has shut its manufacturing facility in Selangor until March 11, after 45 of its employees tested positive for Covid-19.

Bioalpha made a bigger quarterly loss in the final three months of 2020 as the Covid-19 pandemic resulted in higher impairments of trade receivables and write offs.

The company registered a net loss of RM14mil in the last quarter ended Dec 31, worse than the RM9.7mil loss made in the third quarter. For the full year, Bioalpha made a net loss of RM37.8mil on revenue of RM36.5mil.

Meanwhile, US markets declined overnight as investors took profit from Monday's rally.

Earlier, European stocks advanced as US bond yields stabilised after coming off a one-year high.

“Following the decline in Wall Street, the FBM KLCI could follow suit and trend lower towards the support of 1,550 points,” JF Apex said.