Trading ideas: Affin Bank, IJM, Pantech, CN Asia, Mynews, GCAP, BFood

KUALA LUMPUR: Apex Securities expects Affin Bank Bhd, IJM Corp Bhd, Pantech Group Holdings Bhd, Mynews Holdings Bhd, CN Asia Corp Bhd, G Capital Bhd and Berjaya Land Bhd (BLand) to be among the stocks to watch on Wednesday.

Among stocks to watch are Affin Bank Bhd as it has announced total dividend of 22.62 sen per share, amounting to RM500 million, following the divestment of a 63%-stake it owns in Affin Hwang Management Bhd that was completed on July 29.

IJM Corp Bhd secured two contracts in Kapar and Shah Alam this week, amounting to RM982mil.

Pantech Group Holdings Bhd saw its net profit for 2QFY23 double YoY to RM31mil.

Mynews Holdings Bhd said a winding-up petition levied on its unit in relation to a rental dispute is set to be withdrawn, following the settlement of the amount RM112,770 allegedly owed.

CN Asia Corp Bhd said Messrs Ong & Wong Chartered Accountant has resigned as its external auditor, as the firm has been temporarily banned from auditing public interest entities.

G Capital Bhd is planning a joint venture (JV) to develop mini-hydropower projects in Sabah, which could see the JV raise funds of no less than RM3 billion for the first 200 MW.

Berjaya Land Bhd (BLand) has acquired 40 million shares or a 2.28% stake in Berjaya Food Bhd (BFood) for RM32mil cash, or 80 sen per share via a direct business transaction.

Teo Guan Lee Corp Bhd announced several boardroom changes on Tuesday, including the redesignation of the group’s managing director Toh Kian Beng as executive chairman.

Meanwhile, the US market surged for a second straight day following better-than-expected quarterly earnings.

The Dow Jones Industrial Average gained 337.98 points, or 1.12%, to close at 30,523.80. The S&P 500 climbed 1.14% to 3,719.98 while the Nasdaq Composite added 0.90%, finishing at 10,772.40.

Similarly, European stocks rose after the UK's new finance minister scrapped most of the previous fiscal policies and the EU introduced new measures to curb energy prices.

“Following the positive momentum in Wall Street, the FBM KLCI could extend its rebound towards the resistance of 1,427 points,” Apex said.