Trading ideas: Hock Seng Lee, AirAsia, Axiata, Guocoland

KUALA LUMPUR: Hock Seng Lee Bhd, AirAsia Group Bhd, Axiata Group Bhd and Guocoland (M) Bhd are among the stocks to watch on Thursday, according to JF Apex Research.

Hock Seng Lee has secured via open tender a RM298.98mil contract to build the 1.9km Batang Paloh Bridge in Mukah, Sarawak, under the State’s coastal road construction scheme.

AirAsia’s chief executive officer Tan Sri Tony Fernandes has confirmed that the group is disposing of 25 aircraft to US-based global private investment firm Castlelake LP for US$768mil (RM3.2bil) after obtaining its shareholders’ approval.

Separately, AirAsia announced it has terminated a joint venture (JV) plan with Vietnamese partners to set up a low-cost carrier in Vietnam.

Axiata said that its subsidiary Ncell Private Ltd has received a letter issued by the Nepalese Large Taxpayers Office (LTPO) to pay an outstanding sum of capital gains tax of NPR39.06bil (approximately RM1.45bil), by April 22.

Guocoland has sunk into its fourth straight quarter of losses, posting a net loss of RM6.96mil in its 3QFY19, against a net profit of RM63.58mil in the previous corresponding quarter last year, due to lower sales of completed units.

Meanwhile, US markets declined slightly overnight as heavy losses in the healthcare industry overshadowed strong quarterly earnings and better-than-expected China GDP.

Earlier, European stocks closed marginally higher led by banking and automotive sectors after being boosted by China’s economic data.

“Following the recent lackluster performance, the FBM KLCI could remain pressured with support at 1,615 points,” JF Apex said.

Source : TheStar