Trading ideas: Cycle & Carriage Bintang, UWC, Destini, KKB Engineering, Mestron, Brite-Tech, SMRT, Iskandar Waterfront City and PPB

KUALA LUMPUR: Stocks in the spotlight on Wednesday include Cycle & Carriage Bintang, UWC, Destini, KKB Engineering, Mestron, Brite-Tech, SMRT, Iskandar Waterfront City and PPB, said JF Apex Research.

Cycle & Carriage Bintang Bhd (CCB) submitted an application to Bursa Malaysia for delisting.

UWC Bhd’s net profit grew 54% year-on-year (y-o-y) to a record high of RM30.11 million for the 4QFY22.

Destini Bhd’s indirect subsidiary has been served with a winding-up petition from the government, after it failed to pay RM6.24 million to the Inland Revenue Board (IRB).

KKB Engineering Bhd has contracts worth RM17 million to build a proposed glove factory in Bintulu, Sarawak as well as a purchase order for the C14 RQ cylinders and C14 compact valve.

Mestron Holdings Bhd has won RM13 million worth of orders for its telecommunications segment under the Digital Nasional Bhd and Universal Service Provision (USP) projects.

Brite-Tech Bhd is buying a piece of agriculture land in Kapar, Klang from Sime Darby Property Bhd for RM16.54 million.

SMRT Holdings Bhd is buying eight adjoining units of four-storey terrace shops and office properties located in Kota Kinabalu, Sabah for RM14.7 million.

Iskandar Waterfront City Bhd said its external auditors, Messrs Ernst & Young PLT (EY), have resigned.

PPB Group Bhd said its 80%-owned subsidiary FFM Bhd has secured a one-month extension to submit its written representation to the Malaysia Competition Commission (MyCC) in response to the proposed decision on the poultry feed price-fixing allegations it faces.

Meanwhile, JF Apex said the FBM KLCI could continue to consolidate above the support of 1,483 points.

The US market declined following higher bond yields and the Federal Reserve will give its summary of current economic conditions under the Beige Book later today.

Earlier, European stocks rebounded with gains from retail and oil & gas counters despite concerns over gas supply from Russia.

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