Trading ideas: Tenaga, TM, Eden, MUI, Priceworth, APFT

KUALA LUMPUR: Tenaga Nasional Bhd (TNB), TELEKOM MALAYSIA BHD, Eden Inc Bhd, MALAYAN UNITED INDUSTRIES BHD (MUI), PRICEWORTH INTERNATIONAL BHD and APFT BHD are among the stocks to watch on Thursday, according to JF Apex Research.

TNB has completed its acquisition of two UK-based renewable energy firms following the purchase by its unit, Tenaga Wind Ventures UK Ltd, of the remaining 20% stake in GVO Wind Ltd and Bluemerang Capital Ltd for £18.6mil (RM100mil).

Singapore-based Vodoke Pte Ltd, an IPTV solution provider, is seeking to claim from Telekom Malaysia a total of US$34.54mil (RM144.39mil) arising from a dispute in relation to IPTV Package orders in 2015.

Eden had received compensation amounting to RM16.71mil from the Government following the compulsory disposal of Eden’s 6.39ha land in Kuantan, Pahang for the proposed East Coast Rail Link (ECRL) project.

The proceeds will be used to pare down the remaining balance of its Ijarah loan facility.

MUI has secured two term-loan facilities totalling £100mil (RM539.3mil) to refinance its existing term-loan facility, as well as to finance the refurbishment and renovation of Corus Hotel Hyde Park in London.

Priceworth International has terminated a sales and purchase agreement to acquire timber extraction and replanting rights for a forest reserve area in Sabah known as Forest Management Unit 5 (FMU5). The termination is with immediate effect.

Practice Note 17 company APFT will be delisted from the Main Market of Bursa Malaysia on March 16 unless an appeal is made, following the bourse regulator’s dismissal of the company’s request for more time to submit its regularisation plan.

Overnight, US markets rallied amid gains in healthcare counters and vice president Joe Biden secured presidential nomination in several states.

Similarly, European stocks advanced following investor optimism that central banks will roll out stimulus to mitigate the economic impact caused by the coronavirus.

“Following the positive performances in the US and Europe, the FBM KLCI could follow suit and extend its rebound towards the resistance of 1,520 points,” JF Apex said.

Source: TheStar