Trading ideas: Westports, Willowglen, MSC, 7-Eleven, Caring Pharmacy

KUALA LUMPUR: Westports Holdings Bhd, Willowglen MSC Bhd, MALAYSIA SMELTING CORPORATION Bhd (MSC), 7-ELEVEN MALAYSIA HOLDINGS BHD and Caring Pharmacy Group Bhd are among the stocks to watch on Monday, according to JF Apex Research.

Westports is buying a 146.4ha land adjacent to its port in Klang for RM393.96mil cash, from its 42.42% shareholder Pembinaan Redzai Sdn Bhd, to expand its port with eight additional container terminal (CT) facilities.

Separately, Westports reported a 13.81% year-on-year net profit decline in its 4QFY19, despite revenue growing 8.33% to RM452.82mil, due to a write-off arising from a vessel incident.

Willowglen MSC has been awarded a three-year wireless network infrastructure contract worth RM35.22mil by the Public Utilities Board in Singapore.

Malaysia Smelting Corp said its relocation to its new smelting facility in Pulau Indah, Port Klang is progressing well and full smelting operations are expected to commence in the near term. The set-up in Pulau Indah enables a scale-up in production capacity by 50%, from 40,000 tonnes per year currently.

7-Eleven Malaysia, which is acquiring Caring Pharmacy, has no plans to merge operations of its convenience stores with the latter’s pharmacy outlets, as there has been no successful business model for such an operation in Asia.

US market tumbled on Friday as fears of the coronavirus outbreak outweighed US’ better-than-expected employment data.

Similarly, European stocks retreated on concerns over the coronavirus’ negative impact on China’s economy.

“Following the bearish performances in the US and Europe, the FBM KLCI could remain pressured with its support at 1,520 points, ” JF Apex said.

Source: TheStar