Trading ideas: Freight Management, Mulpha, Axis Reit, Ire-Tex, Hua Yang, Hibiscus, DNeX

KUALA LUMPUR: JF Apex expects Freight Management Holdings Bhd, Mulpha International Bhd, Axis Real Estate Investment Trust (Axis Reit), Ire-tex Corp Bhd, Hua Yang Bhd, Hibiscus Petroleum Bhd and Dagang NeXchange Bhd (DNeX) to be among the stocks to watch on Thursday.

Freight Management said it is currently exploring plans to dispose of its 49% interest in Singapore-based TCH Marine Pte Ltd and a pair of tug and barge under a 50:50 joint venture with Scomi Energy Services Bhd but clarified that the terms and conditions have yet to be fixed.

Mulpha International is disposing of its Rydges Esplanade Resort in Cairns, Australia to JY Cairns Esplanade Hotel Pty Ltd for A$65mil (approximately RM187.91mil) cash.

The proposed disposal is expected to result in a net gain after tax of A$14.9mil.

Axis REIT is acquiring a property in Bayan Lepas, Penang from Ire-tex Corp for RM20.5mil in cash.

Axis REIT said the proposed acquisition of the property would enable it to strengthen its portfolio of industrial properties and is expected to benefit the fund in the long-term as a result of economies of scale.

Hua Yang’s 1QFY20 net profit more than tripled to RM3.69mil from RM1.01mil recorded in the same quarter a year ago, underpinned by higher revenue.

Hibiscus Petroleum is acquiring oil and gas rights offshore in the United Kingdom sector of the North Sea worth US$5mil (approximately RM20.59mil).

DNeX has won a contract worth RM11.8mil from Petronas Dagangan Bhd for the supply of automatic tank gauging (ATG) for Petronas stations.

Overnight, US markets declined amid concerns over trade and corporate earnings.

Earlier, European stocks tumbled after renewed worries over the US-China trade war.

“Following the bearish performance in the US and Europe, the FBM KLCI could extend its losing streak and test its support of 1,655 points today,” JF Apex said.

Source: TheStar