Trading ideas: Parkson, AirAsia, Affin Bank, Sapura Energy, Plenitude

TheStar Tue, Apr 28, 2020 08:47am - 11 months ago

KUALA LUMPUR: Stocks to watch on Tuesday include Parkson Holdings Bhd, AIRASIA Group Bhd, Affin Bank Bhd, SAPURA ENERGY BHD and Plenitude Bhd, according to JF Apex Research.

Parkson's Cambodian unit has been ordered to pay US$144.5mil (RM629.75mil) in damages to its lessor, Hassan (Cambodia) Development Co Ltd (HCDC), as well as forfeit its security deposit and advance payments, following a lawsuit that HCDC initiated against the unit.

AirAsia posted a load factor of 80% for its 1Q20, beating its expectation of 77% and despite the weak travel demand due to travel restrictions amid the Covid-19 pandemic.

Affin Bank is reclassifying its final dividend for its FY19 as an interim dividend, while also cutting the initial seven sen declared to five sen per share.

Sapura Energy said it has taken internal austerity measures to mitigate the impact of the Covid-19 pandemic and low oil prices, with its leadership team to take a 50% cut in salaries with immediate effect.

Plenitude will be closing the operations of three of its hotels - Mercure Penang Beach, Penang, The Gurney Resort Hotel and Residences, Penang, and Travelodge Ipoh, and downsizing operations of other hotels it owns due to the Covid-19 pandemic.

Meanwhile, US market rose overnight following gradual reopening of the economy from the coronavirus lockdown.

Similarly, European stocks climbed amid lockdown exit strategies and upcoming central banks meetings that could decide further economic stimulus.

“Following the bullish performances in the US and Europe, the FBM KLCI could climb towards the resistance of 1,415 points,” JF Apex said.

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