Our website is made possible by displaying online advertisements to our visitors.
Please consider supporting us by disabling your ad blocker.

Trading ideas: Top Glove, Komarkcorp, CIMB, CMMT, TAS, Sime Darby Plantation

TheStar Wed, Jul 22, 2020 09:05am - 4 months ago

KUALA LUMPUR: Stocks to watch on Wednesday include Top Glove Corp Bhd, Komarkcorp Bhd, CIMB Thai Bank PCL, Capitaland Malaysia Mall Trust (CMMT), TAS Offshore Bhd and Sime Darby Plantation Bhd, according to JF Apex Research.

The Ministry of Human Resources said that the headquarters of Top Glove in Meru, Klang was raided by enforcement officials last Monday to investigate matters relating to breach of Movement Control Order (MCO) rules and cramped quarters provided to foreign workers.

The minister, however, said no offences involving elements of forced labour were found.

In a separate statement, Top Glove said it was recently accorded an "A" rating during a social audit by Amfori, a leading global business association for open and sustainable trade.

Komarkcorp has set up Komark Mask (M) Sdn Bhd to carry out the manufacture and sale of face masks.

It also anticipates the face mask venture to contribute to 25% or more of the net profit of the group through manufacturing the commonly used three-ply surgical face masks and KN95 masks.

CIMB's 94.83% indirectly held subsidiary CIMB Thai Bank PCL reported a 52.44% year-on-year rise in its 2QFY20 net profit, helped by a rise in net interest income and gains on financial instruments.

CMMT's 2QFY20 net property income fell 61.5% year-on-year as impacted by significant rental waivers and rebates to tenants affected by phases of lockdown.

TAS Offshore is expected to lose RM70mil for cancelling two contracts with two shipbuilders, namely Guangzhou Hangtong Shipbuilding and Shipping Co Ltd as well as Jiangmen Hangtong Shipbuilding Co Ltd, in China to build 16 units of offshore support vessels.

Sime Darby Plantation has managed to retain ownership of its 75ha land in Merlimau from being a compulsory acquisition by Taiwan-controlled company GI A Resources Sdn Bhd, which claimed it was acting in the interest of former Yang di-Pertuan Agong cum current Sultan of Kelantan Sultan Muhammad V, for a below-market-value price of RM35.282mil.

Puncak Niaga said its Kuantan regional sewage treatment plant contract sum has been revised downwards by about RM57.28mil to RM432.65mil from RM489.93mil.

Marine & General has sold its 40% stake in wholly-owned subsidiary M&G Sutera 8 Sdn Bhd (MGS8) to Muhibbah Engineering for RM21.84mil, to settle the remaining outstanding sum owed to Muhibbah Engineering for the construction of a chemical tanker, JM Sutera 8.

Meanwhile, US markets were mixed with the Dow and S&P rising but the Nasdaq declined amid corporate earnings.

European stocks advanced after EU leaders agreed on a 750 billion euro coronavirus recovery fund.

“Following the mixed performances in the US and Europe, the FBM KLCI could continue to hover below the resistance of 1,615 points,” JF Apex said.

Related Stocks

APEX 0.960
CIMB 3.820
CMMT 0.625
KOMARK 1.070
M&G 0.080
PUNCAK 0.260
SIME 2.340
TAS 0.205


Login to comment.