Trading ideas: IGB, Pantech, Kossan, Sime Plantation, LCTitan

KUALA LUMPUR: Stocks that may attact investor interest on the back of recent corporate new flow include IGB, Pantech, Kossan Rubber, Sime Darby Plantation, Lotte Chemical Titan, JayCorp, Willowglen MSC and Perangsang Selangor, says JF Apex Research.

In recent news, IGB's indirect wholly-owned subsidiary Verokey Sdn Bhd has sold the latter’s 50% stake in property investment firm Black Pearl Ltd to HNG Blackfriars 1 Ltd for £104.38 mil (RM598.9mil).

Vitrox saw its 3QFY21 net profit increase by 42% yoy on the back of a 36% increase in revenue.

Pantech’s 2QFY22 net profit rose 42.76% yoy, mainly due to optimised trading and manufacturing operations, robust export demand and higher product prices.

Kossan Rubber's 3QFY21 net profit shrank 50.4% to RM528.2mil compared with RM1.06bil posted for 2QFY21 due to significantly lower revenue.

Sime Darby Plantation’s subsidiary SDP Renewable Energy Sdn Bhd plans to develop two new biogas power plants with the largest grid-connected palm oil mill effluent (POME) biogas developer in Malaysia, Cenergi SEA Bhd's wholly owned subsidiary Cenergi RE Sdn Bhd.

Lotte Chemical Titan has decided to proceed with the construction of an RM18bil integrated petrochemical project in Indonesia, in view of the increase in worldwide Covid-19 vaccinations and opening up of global economies.

Jaycorp has proposed to undertake a bonus issue of 137.25 million new shares on the basis of one bonus share for every one share held; Willowglen MSC has been awarded an RM5.84mil contract for works relating to the installation of a public address emergency system and other security and communication systems for a fire station in Singapore Changi Airport.

Kumpulan Perangsang Selangor has clinched an RM91.6mil contract from Pengurusan Air Selangor Sdn Bhd (Air Selangor) to supply water chemicals.

According to JF Apex, the FBM KLCI could be taking a breather from the recent rally and consolidate below the resistance of 1,610 points.

This comes on the back of a mixed overnight performance in the US market, which also saw the S&P500 rising to a record high.

Earlier, European stocks closed slightly lower following corporate earnings and concern over China Evergrande.
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