Trading ideas: Sapura Energy, Public Bank, NTPM, Magni-Tech, JF Technology

KUALA LUMPUR: Stocks to watch on Monday include Sapura Energy Bhd, Public Bank Bhd, NTPM Holdings Bhd, Magni-Tech Industries Bhd, JF Technology Bhd and Berjaya Corp Bhd, according to JF Apex Research.

The research house noted that Sapura Energy reported a staggering net loss of RM6.61bil for its 4QFY22, compared with a loss of RM216.03mil a year prior, as it booked an impairment on goodwill worth RM3.29bil, and an impairment on property, plant and equipment worth RM2.1bil.

Public Bank and Carsome have inked a Memorandum of Understanding to collaborate on car financing.

NTPM Holdings reported an 81.08% year-on-year slump in its 3QFY22 no thanks to significant increase in costs of raw materials, packaging materials and freight, higher utility and energy costs, lower foreign exchange gain, and higher selling and distribution expenses.

Magni-Tech's 3QFY22 net profit dropped 45.5% year-on-year, on lower contributions from its garment and packaging businesses, as well as the absence of a one-off disposal gain on property of RM6.94mil in 3QFY21.

JF Technology's chief executive officer Dillon Atma Singh has resigned from his position in the high-performance test contacting solutions manufacturer, "to pursue other opportunities".

Eastland Equity is planning to acquire 92 commercial units in Bandar Tun Razak Business Park in Jengka, Pahang, as well as undertake a capital reduction exercise and business diversification to improve its financial position.

Berjaya Corp’s chief executive officer Abdul Jalil Abdul Rasheed will be stepping down from his post to pursue his personal interests based on a news report.

Meanwhile, the US market rallied on Friday as equities continued to climb after the Federal Reserve's rate hike on Wednesday.

Similarly, European stocks rose after the Bank of England raised interest rates as investors continue to monitor the negotiations between Russia and Ukraine.

“Following the positive performance in Wall Street, the FBM KLCI could climb towards the resistance of 1,620 points,” JF Apex said.