Trading ideas: Eonmetall, MTD ACPI, I-Bhd, MAHB, ARB

KUALA LUMPUR: Eonmetall Group Bhd, MTD ACPI Engineering Bhd, Malaysia Airports Holdings Bhd (MAHB), I-Bhd and ARB Bhd are among the stocks to watch on Thursday, according to JF Apex Research.

Eonmetall has formed a joint venture with two other companies to purchase a parcel of land measuring 420 acres in Klang, Selangor, for RM155.73mil.

The land is currently an oil palm plantation registered under Sime Darby Plantation Sdn Bhd.

MTD ACPI Engineering has proposed to acquire two construction and property units from privately-held Putrajaya Perdana Bhd, prompting speculation that a reverse takeover by the latter could be in the offing further down the road.

I-Bhd is proposing a renounceable rights issue of three-year redeemable convertible cumulative preference shares to raise up to approximately RM150mil.

The proceeds would enable the group to fund its property investment/hospitality portfolio and property development businesses.

MAHB registered a 7.3% year-on-year growth in passenger volume in June 2019 to 12.1 million — the second highest after the historical peak month of December 2018.

ARB has signed two memoranda of understanding yesterday for projects worth at least US$120mil (RM499.8mil).

Meanwhile, US markets rose to record highs after Federal Reserve Chairman Jerome Powell hinted an interest rate cut is coming.

Earlier, European stocks ended slightly lower as investors monitor the US-China trade talks.

“Following the positive performance in Wall Street, the FBM KLCI could be buoyed but remains below its resistance of 1,730 points,” JF Apex said.

Source: TheStar