Trading ideas: Gamuda, BPlant, LB Aluminium, Comintel, IOI Properties, MPI, Hiap Teck, Heitech, MyEG

KUALA LUMPUR: Gamuda Bhd, Boustead Plantations Bhd (BPlant), LB Aluminium Bhd, Comintel Corp Bhd, IOI Properties Group Bhd, Malaysian Pacific Industries Bhd (MPI), Hiap Teck Ventures Bhd, Heitech Padu Bhd and MyEG Services Bhd (MyEG) are among the stocks to watch on Thursday.

Gamuda’s unit in Singapore has secured a RM1.77bil design and construction contract for the West Coast station and tunnel in the city state.

In a surprise move, Swiss-based multinational investment bank UBS Group has emerged as a substantial shareholder in BPlant, which is in the midst of being privatised, with a 5.36% stake comprising 120.06 million shares.

LB Aluminium saw its net profit fall 64.59% to RM4.37mil for the second quarter ended Oct 31, 2023 (2QFY2024).

Comintel, which just completed its regularisation plan last year, is now planning a rights issue exercise followed by a private placement to raise about RM90mil to buy construction equipment and for working capital.

IOI Properties plans to acquire five-star hotel W Kuala Lumpur in Jalan Ampang, KL for RM270mil, cash from property group Tropicana Corp Bhd.

MPI said it will cease its leadframes manufacturing operations under Dynacraft Industries Sdn Bhd by end-January next year.

Hiap Teck will fork out RM53.24mil under its steel manufacturing joint-venture (JV)’s RM195mil rights issue, to fund the JV’s capital expenditure, in particular a hot rolling mill.

Heitech has secured a contract worth RM37.01mil to provide end-to-end services for hospital information system (HIS) at Sultan Ismail Hospital in Johor Bahru.

MyEG has signed a 30-year lease agreement with Penang Development Corp to develop a foreign workers' village project worth RM108mil.

Overnight, the Dow Jones Industrial Average slid 0.19% to 36,054.43. The S&P 500 declined 0.39% to end at 4,549.34 points while the Nasdaq Composite Index fell 0.58% to 14,146.71.

Apex Securities anticipates continued volatility in the FBM KLCI over time, as investors exercise caution eagerly waiting for additional confirmation on US job data.

The research house said any recovery is expected to be tempered by quick profit-taking activities on signs of foreign fund outflows over the interim.

Key economic focus will be directed towards US jobless claims numbers to be released today.

“We expect oil & gas stocks to remain under pressure in view of the declining of crude oil prices, while the firmer gold prices may warrant a look onto gold-related stocks,” Apex said.

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