Trading ideas: Bumi Armada, Paragon Globe, Apollo, VS Industry, Hong Seng

KUALA LUMPUR: JF Apex Research expects Bumi Armada Bhd, Paragon Globe Bhd, Apollo Food Holdings Bhd, Hong Seng Consolidated Bhd, Astino Bhd, VS Industry Bhd and Euro Holdings Bhd to be among the stocks to watch on Monday.

In a report, JF Apex noted that Bumi Armada failed in its bid to appeal against an Australian court's decision that favoured its former client Woodside Energy Julimar Pty Ltd (WEJ), which terminated a charter contract worth RM1.46bil for its Armada Claire floating production storage and offloading (FPSO) unit in 2016.

Paragon Globe is buying three pieces of freehold agriculture plots in Plentong, Johor, for RM38.08mil.

Apollo’s 4QFY22 net profit fell 34.85% year-on-year to RM3.83mil.

Hong Seng has disposed of its 35% stake in life science healthcare service provider, Pantasniaga Sdn Bhd for RM24mil cash.

Astino saw its 3QFY22 net profit fall 48% year-on-year to RM11.76mil.

VS Industry’s 3QFY22 net profit dropped 30.1% year-on-year to RM51.29mil.

Euro Holdings has proposed to raise some RM20.05mil via a private placement for its general working capital expenses and repayment of bank borrowings.

Meanwhile, the US market rallied on Friday to extend its rebound despite consumer sentiment hitting a record low.

Similarly, European stocks surged on bargain hunting despite lower UK retail sales and consumer confidence.

“Following gains in Wall Street, the FBM KLCI could remain buoyed above the support of 1,430 points,” JF Apex said.

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