Trading ideas: AirAsia, Perdana Petroleum, MAA, ARB, IJM

KUALA LUMPUR: AirAsia Group Bhd, Perdana Petroleum Bhd, MAA Group Bhd, ARB Bhd and IJM Corp Bhd are among the stocks to watch on Thursday, according to JF Apex Research.

AirAsia posted a 92% drop in its net profit to RM96.09mil for the first quarter ended March 31 2019, compared with the RM1.14bil in the same quarter last year. The group announced a special dividend of 90 sen per share for the quarter.

Perdana Petroleum’s unit clinched a three-year umbrella contract for offshore support vessel services for Petroliam Nasional Bhd (Petronas)’s petroleum arrangement contractors’ (PAC) drilling and project activities.

MAA’s minorities have rejected the proposed selective capital repayment at the AGM yesterday.

ARB Bhd has secured a contract worth RM18mil to provide the Internet of Things (IoT) system and engineering, procurement, commissioning and management services for a proposed residential development in Perak.

IJM’s net profit for the fourth quarter ended March 31, 2019 (4QFY19) jumped to RM240.81mil from RM17.86mil a year ago, as its infrastructure division swung to a pre-tax profit of RM171.44mil from a pre-tax loss of RM19.53mil previously.

Meanwhile, US markets fell overnight following decline in bond yields and renewed concerns of economic slowdown.

Earlier, European stocks tumbled due to worries over the trade war and Italy’s budget deficit.

“Following the bearish performances in the US and Europe, the local bourse could be subject to profit taking from its recent gains and consolidate below the resistance of 1,655 points,” JF Apex said.

Source: TheStar