Trading ideas: Cahya Mata Sarawak, Berjaya Food, Widad Group, British American Tobacco, UOA REIT and Unitrade

KUALA LUMPUR: Stocks with recent corporate announcements include Cahya Mata Sarawak, Berjaya Food, Widad Group, British American Tobacco, UOA REIT and Unitrade Industries, said JF Apex Research.

Cahya Mata Sarawak Bhd is suing its former executive director and five others for alleged breaches of fiduciary duties related to the construction of an integrated phosphate additives plant in Samalaju, Sarawak.

CMS incurred RM67.57mil in losses due to a lack of due diligence undertaken.

Berjaya Food Bhd’s board of directors has recommended shareholders to approve the group’s proposed bonus issue of up to 1.56 billion shares on the basis of four bonus shares for every one share held.

Widad Group Bhd plans to raise RM86.85mil via a private placement at an indicative issue price of 33.5 sen per share mainly for acquisitions and debt repayment.

British American Tobacco (Malaysia) Bhd's net profit for the 2Q22 increased by 2.3% YoY to RM73.25mil.

UOA Real Estate Investment Trust saw its net rental income for 2Q22 fall by 1.5% YoY to RM21.72mil.

Unitrade Industries Bhd has proposed a first and final dividend of 0.82 sen per share for its financial year ended March 31, 2022.

Meanwhile, JF Apex said the FBM KLCI is expected to extend its rebound towards the resistance of 1,460 points on the back of bullish Wall Street momentum.

The US market extended its gains following despite initial jobless claims rising to its highest in eight months as the corporate earnings season continues.

European stocks also ended higher as the European Central Bank announced its first rate hike in 11 years.

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