Trading ideas: Salcon, SCIB, Seni Jaya, Kanger, K-One

KUALA LUMPUR: Stocks to watch for on Thursday following recent corporate newsflow include Salcon, SCIB, Seni Jaya, Kanger International, K-One Technology, Gadang, Tasco and Samchem, according to JF Apex Research.

Salcon has secured a RM20.85mil sewerage system contract from Gamuda Bhd’s subsidiary Gamuda Land (Botanic) Sdn Bhd.

SCIB, which is facing the risk of trading suspension as it may fail to meet the deadline to issue its annual report, has decided to abort its placement of 91.43 million new shares.

Seni Jaya has proposed a private placement exercise to raise up to RM33.98mil as well as the bonus issue plan on the basis of three bonus shares for one Seni Jaya share held.

Kanger International has entered into a heads of agreement (HoA) with a Dubai-based pharmaceutical company to purchase Covid-19 rapid testing kits for distribution within Malaysia.

K-One Technology said it has received conditional approval from the Health Ministry’s Medical Device Authority for the import and distribution of a China-made Covid-19 antigen self-test kit.

Gadang posted a net profit of RM3.69mil for its 1QFY22 compared to a net loss of RM455,000 a year ago, helped by higher contributions from its construction, property and utility businesses.

Tasco's 2QFY22 net profit jumped 46.58% yoy on stronger contribution mainly from its international business solutions segment.

Samchem's net profit for its 3QFY21 jumped 32.59% yoy, mainly due to improved profit margin as well as foreign exchange gains.

For the coming market day, JF Apex Research maintained its forecast that the FBM KLCI will remain sideways and consolidate below the resistance of 1,610 points.

Overnight, the US market was flat with the Dow Jones and S&P500 coming off record highs as investors waited for the first 3Q GDP estimates.

European stocks declined as investors digested quarterly earnings and the UK's half-yearly budget.
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