Trading ideas: Lion Industries, Genting Malaysia, Ni Hsin, MyEG

KUALA LUMPUR: Lion Industries Corp Bhd, Genting Malaysia Bhd, Ni Hsin Group Bhd, Bintulu Port Holdings Bhd, My E.G. Services Bhd, CN Asia Corporation Bhd are among the stocks to watch on Wednesday, according to JF Apex Research.

Lion Industries' 99%-owned subsidiary Amsteel Mills Sdn Bhd is selling the latter's 100% stake in Antara Steel Mills Sdn Bhd to Esteel Enterprise Pte Ltd for approximately US$158.82mil under an all-cash deal that will enable Lion Industries to unlock the value of Antara Steel for a disposal gain of around RM403.1mil and finance Lion Industries' planned expansion into the flat steel business.

Genting Malaysia is injecting another US$150mil into its US-based unit Empire Resorts Inc mainly for the repayment of short-term debts;

Ni Hsin has partnered with MNA Energy Sdn Bhd to develop battery technology for electric motorcycles (EV two-wheelers).

Bintulu Port has bagged a five-year contract from See Song & Sons Sdn Bhd for maintenance dredging works at Samalaju Industrial Port in Bintulu, Sarawak worth RM25.29mil.

MYEG has signed a memorandum of understanding for the international extension of China's national blockchain network Xinghuo Blockchain Infrastructure and Facility.

CN Asia is looking to explore opportunities in poly green energy and drones technology, having entered into a 12-month memorandum of agreement with Poly China United Capital Holdings Ltd to achieve two objectives.

Tan Chong Motor and Chinese firm Xiamen King Long United Automotive Industry Co Ltd have mutually agreed to terminate MoU signed within relation to the exclusive rights to distribute the latter's Kinggo microbus model in Vietnam in both completely built-up and completely knocked-down forms.

Jade Marvel has proposed a private placement of up to 20% of its issued shares to raise as much as RM22.42mil mainly for its frozen food processing and moneylending businesses.

Eastland Equity has proposed to undertake a renounceable rights issue of new ordinary shares with free detachable warrants to the entitled shareholders to raise gross proceeds of approximately RM80mil.

Overnight, the US market fell for a third straight day following concerns over inflation and corporate earnings.

Similarly, European stocks declined after the IMF reduced its global growth forecast due to persistent Covid and supply chain challenges.

“After the recent gains, the FBM KLCI could take a breather and consolidate below the resistance of 1,600 points,” JF Apex said.

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Lion Industries , MyEG , Genting Malaysia , Ni Hsin


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