Trading ideas: Rubberex, Magni-Tech, Supercomnet, Muhibbah, Techbond, YNH

TheStar Tue, Jun 23, 2020 08:58am - 7 months ago

KUALA LUMPUR: Stocks to watch on Tuesday include Rubberex Corp (M) Bhd, Magni-Tech Industries Bhd, Supercomnet Technologies Bhd, MUHIBBAH ENGINEERING (M) BHD, Techbond Group Bhd and YNH Property Bhd.

Hextar Rubber Sdn Bhd and Hextar Global Bhd executive director Datuk Ong Choo Meng are obliged to extend a mandatory takeover offer to acquire all the remaining 138.21 million Rubberex shares which are not already owned by them for a cash offer price of RM1.80 per share.

Magni-Tech’s net profit rose to RM121.81mil for its FY20, from RM102.63mil in FY19. Revenue jumped to RM1.21bil from RM1.07bil year-on-year, driven by garment revenue which grew 15.2%, mainly due to higher sale orders and a positive forex impact.

Bursa Malaysia Securities Bhd has issued an unusual market activity (UMA) query to Supercomnet, as its share price jumped 36 sen or 29.03% yesterday.

Muhibbah Engineering’s 1QFY20 net profit shrank to RM5.1mil, down 84.55% year-on-year, on lower contribution from the group's airport concession division, which has been adversely impacted by the Covid-19 pandemic.

Techbond has been appointed as the exclusive distributor for a cleaning and disinfecting chemical product in Malaysia for general and industrial usage.

YNH Property’s 1QFY20 net profit slipped to RM3.01mil, down almost 59% year-on-year, on slower project progress and impact on the group's hospitality arm as a result of the Covid-19 pandemic.

SKP Resources’ 4QFY20 net earnings tumbled 63.8% year-on-year no thanks to different product mix and mandatory closure of operations pursuant to the pandemic.

Lii Hen reported higher 1QFY20 net profit, up 15.1% year-on-year, on the back of better topline and margin.

Meanwhile, US markets rose overnight with the Nasdaq hitting a record high following gains in technology counters.

Earlier, European stocks declined due to concerns of new coronavirus.

“Following the mixed performances in the US and Europe, the FBM KLCI could remain sideways with support at 1,490 points,” JF Apex said.

Related Stocks

BURSA 8.730
HEXTAR 0.885
MAGNI 2.160
SKPRES 2.160


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