Trading ideas: Betamek, IJM, JAG, Catcha Digital, BAT, KIP REIT, United Plantations and UOA REIT

KUALA LUMPUR: Companies with recent corporate announcements include Betamek, IJM, JAG, Catcha Digital, BAT, KIP REIT, United Plantations and UOA REIT, said Apex Research.

Betamek Bhd secured a RM436.5 million contract to supply various electronic parts for Perodua’s new car model.

IJM Corp Bhd buying a 44.83% stake in Pestech International Bhd for RM124 million via a restricted issue.

JAG Bhd has signed an agreement to provide total waste management services for a period of three years valued at RM150 million.

Catcha Digital Bhd expects its Guidance Note 2 (GN2) status to be lifted after it raised RM29.7 million via a rights issue.

British American Tobacco Malaysia Bhd (BAT) post, KIP REIT’s ed a lower net profit of RM47.53 million for 2QFY2023.

United Plantations Bhd’s 2Q23 net profit fell 13.87% to RM159.02 million net property income for 4QFY2023 grew 14.32% to RM16.23 million.

UOA REIT’s 2Q23 profit fell 7.24% to RM13.98 million.

Meanwhile, the US market rose overnight with the Dow extending its winning streak to 11 days following stronger-than-expected corporate earnings.

Earlier, European markets climbed despite economic data showing business activity slowdown in France, Germany and the UK.

Investors are expecting a 25 basis-point rate hikes by the Federal Reserve and European Central Bank on Wednesday and Thursday respectively.

On the local market, the FBM KLCI surged 11.17 points or 0.79% to 1424.69 points.

"Following the recent bullish momentum, the FBM KLCI could retest the resistance of 1,437 points," said Apex.

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