Trading ideas: Widad, AME Elite, Mudajaya, Guocoland and Caring

KUALA LUMPUR: Stocks to watch for on Thursday include Widad Group, AME Elite Consortium, Mudajaya, Guocoland and Caring Pharmacy, says JF Apex research.

Widad Business Group (WBG), which owns 65% of Widad Group, has revised upward its offer price by 77% to RM5.3bil cash from RM3bil to acquire the entire stake in PLUS Malaysia Bhd.

AME Elite Consortium has proposed to acquire a piece of land in Kulai, Johor, measuring approximately 6.08 hectares for RM25mil to develop units of industrial buildings with a gross development value of RM120mil.

Mudajaya said its unit Mudajaya Corp Bhd has been granted a Worldwide Mareva Injunction up to the value of RM49.31mil and Ancillary Orders prohibiting its former employee and three other individuals from any dissipation of assets.

Guocoland reported a widened net loss of RM10mil for its 1QFY20 versus its net loss of RM1.22mil in the previous year’s corresponding quarter, no thanks to lower sales.

Caring Pharmacy’s 1QFY20 net profit grew 2.27% yoy, as revenue increased.

Meanwhile, JF Apex expects the FBM KLCI to climb towards its resistance of 1,585 points following a positive performance on Wall Street.

US markets rose overnight with the S&P hitting a record high following the US Federal Reserve’s decision to cut interest rates for the third time this year. Earlier in the evening, European markets were mixed ahead of the Fed decision and the UK parliament approved the general election to be held on Dec 12.

Source: TheStar