KUALA LUMPUR: Stocks that could come on to investors' radar screen include Uzma, TNB, Malakoff, Bintai Kinden
, Bonia, Glomac, EWI and Bumi Armada, said Apex Research.
Uzma Bhd has clinched two contracts estimated to worth RM450 million for the provision of hydraulic workover and plug and abandonment operation from Petronas.
Tenaga Nasional Bhd (TNB) and Malakoff Corp Bhd’s joint venture company, Kapar Energy Ventures Sdn Bhd (KEV), has ironed out its RM595.95 million tax dispute with the Inland Revenue Board (IRB).
Bintai Kinden Corp Bhd said its unit has terminated eight contracts with TNB due to its inability to continue to perform its contractual obligations.
Bonia Corp Bhd is disposing of its 30% stake in wholly-owned SBG Holdings Bhd for RM17.6 million cash.
Glomac Bhd’s 4QFY23 net profit fell 15.58% to RM13.92 million.
Eco World International Bhd’s 2QFY23 net loss narrowed to RM4.56 million.
Bumi Armada Bhd's Armada Kraken floating production storage and offloading (FSPO) is currently at about 60% of pre-shutdown levels.
"While investors welcome the start-up, we remain cautious on the loss of bareboat charter and how long it will take for Kraken to recover to 100% capacity.
"We upgrade the stock to HOLD with an unchanged target price at 48 sen pending further guidance from the management on the financial impact and timeline for Kraken operations to fully recover," said Apex.
Overnight, the US market declined after the Federal Reserve chairman said interest rates are likely to continue to combat inflation, disappointing investors who expected the rate hike cycle to come to an end.
Earlier, the European markets also dropped after UK inflation was higher than expected.
On the local market, the FBM KLCI rose 5.12 points or 0.37% to 1393.45.
"Following yesterday’s gains, the FBM KLCI extend its rebound towards the resistance of 1,407 points," said Apex.
