Trading ideas: Paramount, UMW, WZ Satu, Malayan Cement

KUALA LUMPUR: Stocks with news flow that may see investor attention on Friday incude Paramount, UMW, WZ Satu, Malayan Cement, Fajar Bary, LPI Capital , UEM Edgenta and Ahmad Zaki, said JF Apex Research in its daily highlights.

Paramount’s wholly-owned Magna Intelligent Sdn Bhd is investing in a peer-to-peer (P2P) financing platform by acquiring a 30% stake in Omegaxis Sdn Bhd for RM13.7mil, which the group sees as its entry point into the fintech sector.

UMW's automotive sales surged by 35% in 1Q21 as UMW Toyota Motor (UMWT) and its associate company Perodua registered higher sales on the back of new model introductions as well as sales tax exemption, which is in place until June 30.

The group highlighted that UMWT sales increased by 60.6% to 17,000 units in 1Q21 compared with 10,583 units registered in the previous year.

Meanwhile, Perodua sales rose by 28.8% to 57,911 units from 44,977 units sold in the previous year's corresponding quarter as production increased to meet demand for all its models, especially the newly launched Perodua Ativa.

WZ Satu said its unit has secured a contract worth RM243.44mil for the provision of engineering, procurement, construction, and commissioning of effluent management at source project.

Malayan Cement plans to raise RM226.95 million via a private placement, based on an indicative price of RM2.67 per share, to be used for working capital and debt repayment.

Fajarbaru Builder has proposed to undertake a rights issue with free warrants to raise up to RM37.39mil to fund the group’s existing and future construction projects and future property development projects, business expansion and future viable investment in the logging and timber trading, as well as plantation segments.

LPI Capital's 1QFY21 net profit rose 5.64% yoy, thanks to higher dividend incomes from equity investments.

UEM Edgenta's subsidiary Edgenta Propel Bhd (EPB) is being sued for allegedly failing to complete an RM87 million sub-contract under the Klang Valley Mass Rapid Transit's Putrajaya Line (MRT2) project.

The suit was filed in the High Court by Ahmad Zaki's unit, Ahmad Zaki Sdn Bhd, which had awarded the sub-contract to EPB in 2016.pending data.
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