Trading ideas: Axiata, MGB, FoundPac, Vstecs, Lagenda Properties, Globetronics, Nestle, Supermax, Berjaya Sports Toto

KUALA LUMPUR: A raft of stocks with recent corporate announcements and earnings results could be seeing increased investor attention on Thursday, said JF Apex Research.

Axiata, MGB, Foundpac, Vstecs, Lagenda Properties, Globetronics achieved better y-o-y quarterly net earnings whilst Nestle, Supermax, Berjaya Sports Toto, Dayang, Leong Hup, MSM, Taliworks, Rubberex, Excel Force, Perak Transit recorded weaker y-o-y net profit on their quarterly result.

Berjaya Assets has been sued by Violet Circle Sdn Bhd for RM97.6mil for pulling out of an agreement to acquire the remaining 50% stake in Sarawak gaming firm Megaquest Sdn Bhd.

Carimin Petroleum has teamed up with local O&G exploration firm I Drill Pipelines Constructions Sdn Bhd (IDrill) to jointly bid for the Bougainvillea project tender from Petronas Gas Bhd.

Wah Seong has been awarded a US$254.1mil (approximately RM1.06bil) midstream contract by East African Crude Oil Pipeline (EACOP) Ltd.

The political upheaval in Myanmar is posing a challenge to Axiata's plan to list its telecommunications infrastructure unit edotco Group Sdn Bhd, according to Axiata president and group chief executive officer Datuk Izzaddin Idris.

TDM's Indonesian palm oil unit PT Rafi Kamajaya Abadi (RKA) is facing a charge in relation to a fire incident in 2019 at its land in West Kalimantan province.

Singapore’s Land Transport Authority (LTA) has awarded Gamuda's operating unit Gamuda Bhd Singapore Branch's joint venture with Wai Fong Construction Pte Ltd, a S$467 million (about RM1.45bil) design and construction contract for the proposed Defu station and tunnels, which form a part of Singapore’s 29km Cross Island Line Phase 1 (CRL1) mass rapid transit (MRT) line.

Velesto Energy has been awarded a contract by ExxonMobil Exploration and Production Malaysia Inc (EMEPMI) for the provision of one hydraulic workover unit and services to EMEPMI; Kerjaya Prospek has bagged its largest ever construction contract worth RM710.1mil for the construction of the main building and external works for a proposed residential development project in Ampang.

Meanwhile, JF Apex said the FBM KLCI could retest the support of 1,570 points following lingering negative sentiment arising from Russia.

The US market plunged overnight for a fourth straight day after President Joe Biden announced sanctions against Russia.

European stocks were mixed as investors monitor developments in the Russia-Ukraine geopolitical crisis.
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