Trading ideas: Tuju Setia, DNeX, GHL, GPacket, Econpile

KUALA LUMPUR: Stocks to watch on Wednesday include Tuju Setia Bhd, Dagang Nexchange Bhd (DNeX), GHL Systems Bhd, Green Packet, Econpile Holdings Bhd, Muhibbah Engineering (M) Bhd and Minetech Resources Bhd, according to JF Apex Research.

Tuju Setia is making its listing debut on the Main Market of Bursa Malaysia today. Also, the group has been awarded a contract worth RM189mil for a high-rise construction project in Seri Kembangan, Selangor.

DNeX said its Indonesian consortium has bagged a three-year contract, with an option to extend for a further three years, to supply installation and maintenance support services of submarine cable communications system via the group's vessel.

GHL Systems announced that PayLater by Grab will be made available to selected online GHL merchants that are utilising the eGHL Payment Gateway.

PayLater is a payment option piloted by Grab to provide users with a convenient way to pay for their online purchases and manage their monthly cash flow, GHL and Grab said in a joint statement;

Green Packet plans to raise up to RM328.37mil through a rights issue with free detachable warrants, to fund the expansion of its digital services business and for general working capital.

Econpile has secured a foundation and structure works contract worth RM27.09mil to undertake the work package which includes demolition, site clearance, earthworks, site works and reinforced concrete works for a luxurious seven-storey apartment building located in Bukit Damansara, Kuala Lumpur.

SCIB has secured an estimated RM120mil contract to build high-rise residential units within Sering district in Kota Bharu, Kelantan under the PR1MA Corp Malaysia affordable homes scheme.

Muhibbah Engineering has received three purchase orders totalling RM55.2mil since July 2020.

The company said that it had secured a three-year service maintenance contract and supply of spare parts from the Ministry of Defence, Malaysia, until July 2023.

Minetech has disposed of its 60% stake in quarry operator Bertam Capital Sdn Bhd for RM10.2mil. The engineering services company said it expects to receive an estimated one-off gain of RM1.57mil.

JF Apex noted that Petra Energy, GDB, MGB, Censof, Nova Wellness recorded better year-on-year quarterly results.

Overnight, the US market declined after surrendering intraday gains following concerns over inflation ahead of the Federal Reserve's release of minutes of meeting later today.

Earlier, European stocks climbed after Euro zone's 1Q GDP fell 0.6% and met expectations of a technical recession.

“Following the mixed performances in the US and Europe, the FBM KLCI could remain sideways above the support of 1,560 points,” JF Apex said.

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