Trading ideas: Pintaras, Genting Malaysia, Sime Darby, Willowglen, Boustead

KUALA LUMPUR: Stocks to watch on Wednesday include Pintaras Jaya Bhd, Genting Malaysia Bhd, Sime Darby Bhd, Willowglen MSC Bhd and Boustead Holdings Bhd, according to JF Apex Research.

Pintaras Jaya has bagged three new piling contracts worth approximately RM142mil (S$45.5mil) in Singapore.

Genting Malaysia's 49%-owned associate Genting Empire Resorts LLC has formed a rare consortium with rival casino operators — American Wagering Inc, PointsBet New York LLC, Rush Street Interactive NY LLC and WSI US LLC — to bid for a mobile sports betting licence in the US state of New York.

Sime Darby's 36.63%-owned joint venture in China, Weifang Port Services Co Ltd, said it is no longer required to pay additional interest of 187 million yuan (RM122.33mil) to CCCC Tianjin Dredging Co Ltd over the late payment of an instalment sum.

It has been issued a case closing notice after CCCC Tianjin confirmed that the joint venture company had fulfilled its obligations under two settlement agreements.

Willowglen MSC has bagged two contracts worth a total of RM24.36mil.

Boustead Holdings is exiting its venture in University Nottingham Malaysia (UNM) as part of its Reinventing Boustead Strategy by selling its 66.41% controlling stake in UNM and the campus in Semenyih, Selangor for £23.5 million (approximately RM137mil) to University of Nottingham, United Kingdom.

Muda Holdings posted a net profit of RM24.35mil for its 2QFY21, more than double the RM10.49mil from a year ago, attributed to higher sales volume for industrial paper and paper docking products.

Gas Malaysia's net profit for its 2QFY21 surged 39.7% year-on-year, as it recognised a revenue cap adjustment and sold more gas in the quarter under review.

DRB-Hicom booked a net loss of RM217.5mil in its 2QFY21, as its automotive and services division fell into the red, but was still an improvement from its reported net loss of RM306.08mil a year ago.

Meanwhile, the US market tumbled overnight and snapped a 5-day winning streak following a decline in retail sales.

Earlier, European stocks were slightly higher amid better UK unemployment data and Eurozone economic growth.

“Following yesterday's surge, the FBM KLCI could extend its rebound towards the resistance of 1,535 points,” JF Apex said.