Trading ideas: Press Metal, UWC, Willowglen

KUALA LUMPUR: Stocks to watch for on Monday include Press Metal, UWC, Willowglen, PIE Industrial, IOI Corp, GB Holdings and Ikhmas Jaya.

JF Apex research noted in its daily highlights that news flow could draw investor interest to these counters.

Press Metal has inked an agreement to take up a 25% stake in PT Bintan Alumina Indonesia (PT BAI) for US$80.23mil (RM333.36mil).

UWC has announced a one-for-two bonus issue to reward shareholders.

Willowglen’s 3QFY19 net profit expanded 30.6% y-o-y, on higher profit margins.

PIE Industrial’s 3QFY19 net profit surged 78.78% y-o-y, due to lower administrative and distribution expenses, higher gain from foreign currency exchange transaction and higher income from other investments.

IOI Corp’s wholly-owned subsidiary Oleander Capital Resources Pte Ltd is buying a 28% stake each in PT Sawit Nabati Agro (SNA) and PT Berkat Agro Sawitindo (BAS) from Singapore-listed Bumitama Agri Ltd for IDR701mil (approximately US$49,070/RM203,798).

GDB Holdings has secured a contract worth RM67.9mil to undertake construction works as the main contractor for the Hap Seng Star Mercedes-Benz 3S Autohaus at Setia Alam, Selangor.

Ikhmas Jaya had been awarded a contract to undertake earthworks and other works for the construction of seven blocks of serviced apartments, is being sued by the project owner ASM Development (KL) Sdn Bhd, for alleged breach of contract.

COASTAL CONTRACTS has secured contracts for the sale of two units of low-end vessels.

JF Apex expects the FBM KLCI to trend upwards towards a resistance level of 1,615 points following a positive performance in the US and European markets on Friday.

Last week, the Dow Jones Industrial Average rallied to a record 28,000 points following comments from the White House that China and US were close to reaching a trade deal.

Source: TheStar