Trading ideas: Gamuda, Southern Steel, Southern Steel, Careplus, Axis-REIT, CLMT, MAHB


KUALA LUMPUR: Stocks to watch on Thursday include Gamuda Bhd, Southern Steel Bhd, Ecofirst Consolidated Bhd, Aeon Credit Service (M) Bhd, Annum Bhd and Careplus Group Bhd, according to Apex Securities.

The research house also expects Axis Real Estate Investment Trust (REIT), DXN Holdings Bhd, Capitaland Malaysia Trust (CLMT) and Malaysia Airports Holdings Bhd (MAHB) to see trading interest today.

Gamuda, together with its joint venture partner in Taiwan, has bagged a design and build contract for the construction of Taiwan’s Kaohsiung Mass Rapid Transit (MRT) metropolitan line from Kaohsiung City government for RM3.45bil.

Hong Leong Group, a conglomerate controlled by billionaire Tan Sri Quek Leng Chan, is considering selling its majority stake in Southern Steel and seeking a valuation of as much as US$200mil (RM944mil) for the unit.

EcoFirst has clarified that the group still has a net gain despite disposing of eight out of 15 retail units at lower than market price in a recent related party transaction.

AEON Credit said it has obtained financial regulators’ approval for the initial shareholding structure of its Islamic digital bank venture.

JAG Capital Holdings Sdn Bhd, the investment vehicle for businessman and Umno politician Datuk Seri Johari Abdul Ghani, has increased its stake in MyNews to 13.85% from 10.02% in mid-July.

Annum said it is unable to release its annual report for the financial year ended June 30, 2023 (FY2023) by the Oct 31 deadline as required under the listing rules, as the group has been unable to find a suitable auditor since the resignation of the previous auditor.

Careplus said its subsidiary has secured a licence from the Ministry of Investment, Trade and Industry (Miti) to manufacture and assemble energy-efficient vehicles.

Axis-REIT is acquiring industrial premises in Negeri Sembilan for a cash consideration of RM48mil.

DXN's net profit for the second quarter ended Aug 31, 2023 (2QFY2024) rose by a marginal 0.3% to RM76.02mil from RM75.79mil a year ago.

CLMT net property income (NPI) climbed 52.6% to RM58.32mil for the third quarter ended Sept 30, 2023, from RM38.21mil.

MAHB has disposed of its 11% equity interest in GMR Hyderabad International Airport Ltd (GHIAL) for US$100mil (RM478.85mil) cash.

Overnight, the US stock markets retreated following the weaker-than-expected Alphabet bottomline that outweighed the stronger sales of Microsoft.

The European stock markets extended their gains after a choppy trading session, while Asia Pacific stock markets closed mixed.

The Dow Jones Industrial Average fell 105.45 points, or 0.32%, to 33,035.93, the S&P 500 lost 60.91 points, or 1.43%, to 4,186.77 and the Nasdaq Composite dropped 318.65 points, or 2.43%, to 12,821.22.

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