Trading ideas: Lion Industries, Genting Malaysia, Ni Hsin, Bintulu Port


KUALA LUMPUR: Stocks that could see increased investor attention following recent corporate news flow include Lion Industries, Genting Malaysia, Ni Hsin, Bintulu Port, MyEG, CN Asia, Tan Chong Motor, Jade Marvel and Eastland Equity, said JF Apex Research.

On the day ahead, the research house said in its daily highlights note that the FBM KLCI could take a breather and consolidate below the resistance of 1,600 points.

This is in line with the negative overnight performance on Wall Street for a third straight day on concerns over rising inflation and corporate earnings.

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

On Bursa Malaysia, 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 (about RM663.85mil) 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 (RM625mil) 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 RM22.42 mil 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.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights
   

Next In Business News

Etiqa General Insurance wins top motor insurance award
Strong commodities performance boosts ringgit
Trading ideas: Tenaga, Pestech, Bintai Kinden, Daya and SKB
IGB sells 50% stake in London real estate for RM600mil
FBM KLCI pauses on mild profit-taking
Tenaga on pace to realising RE goals
Evergrande's US$2.6b unit stake sale fails as Chinese officials seek to calm nerves
Stocks gain, Dow touches record; oil rises on EIA data
Tesla beats 3Q revenue forecasts but supply-chain problems hit plants
Digital investment app MYTHEO launches ESG-themed portfolio

Others Also Read


Vouchers