Trading ideas: London Biscuits, BHIC, PetDag, DRB-Hicom

KUALA LUMPUR: LONDON BISCUITS BHD, Petronas Dagangan Bhd, BOUSTEAD HEAVY INDUSTRIES CORP Bhd (BHIC) and DRB-HICOM BHD are among the stocks to watch on Monday, according to JF Apex Research.

London Biscuits, which defaulted on a RM9.8mil loan payment, has managed to place out its last tranche placement share at an average issue price of 32.4 sen per share, more than double its current share price.

JF Apex noted that BHIC, PETDag, Sarawak Oil Palms saw their quarterly net earnings decline year-on-year.

On the other that DRB-HICOM, Dayang, Pharmaniaga, Wellcall reported higher year-on-year net profits for their quarterly results.

DRB-Hicom posted a net profit of RM46.21mil for the three months ended June 30,2019, against a net loss of RM66.59mil in the same quarter last year.

DAYANG ENTERPRISE HOLDINGS BHD’s net profit grew 42% on-year in its second quarter, thanks to higher profit margin and revenue, with lower finance costs and expenses.

Meanwhile, US markets tumbled on Friday after China imposed new tariffs on US products. Similarly, European stocks declined after the US-China trade war escalated.

“Following the bearish performance in global markets, the FBM KLCI could decline towards its support of 1,590 points, ” JF Apex said.

Source: TheStar