Trading ideas: Ornapaper, KESM, United Malacca, Kronologi Asia, TNB, Supermax

KUALA LUMPUR: Stocks to watch on Thursday include Ornapaper Bhd, KESM Industries Bhd, United Malacca Bhd, Glomac Bhd, Kronologi Asia Bhd, Tenaga Nasional Bhd and Supermax Corp Bhd, according to Apex Securities.

Ornapaper has received a conditional mandatory takeover offer from Intisari Delima Sdn Bhd at RM1.06 per share.

KESM posted its third consecutive quarter of deficit with a net loss of RM2.5mil for 4QFY22 on lower revenue as the group scales down its electronic manufacturing services (EMS) business.

United Malacca Bhd’s net profit rose 16.59% YoY to RM24.3mil for 1QFY23.

Glomac Bhd’s net profit tripled year-on-year (YoY) to RM5.18mil for 1QFY23.

Kronologi’s net profit for 2QFY23 fell by 39.2% YoY to RM3.1mil.

Tenaga Nasional is investing RM21bil in its Grid of the Future programme from 2022 to 2024 to enhance its transmission and distribution network's readiness and reliability.

Supermax has resumed its share buyback, with the company buying 3.2 million shares for RM2.39mil on Sept 2 at between 73 sen and 75 sen per share.

Meanwhile, the US market plunged overnight to erase intraday gains after the Federal Reserve raised interest rates by 75 basis points.

Earlier, European stocks climbed ahead of the Fed's rate hike decision.

“Following the decline in Wall Street and concerns of a global recession, the FBM KLCI could decline towards the support of 1,425 points,” Apex Securities said.

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