Trading ideas: Yinson, Wong Engineering, Keck Seng, Landmarks, Sapura Energy
KUALA LUMPUR: Stocks to watch on Thursday include WONG ENGINEERING CORPORATION Bhd, Yinson Holdings Bhd, KECK SENG (M) BHD, GENTING BHD and LANDMARKS BHD, according to JF Apex Research.
The research house also expects SAPURA ENERGY BHD, Top Glove Corp Bhd and MINETECH RESOURCES BHD to see trading interest today.
Yinson’s contract from Aker Energy Ghana Ltd to provide a floating production storage and offloading (FPSO) vessel for the latter’s Pecan development project in offshore Ghana has been terminated amid the Covid-19 pandemic.
Yinson added it will preserve its right under the letter of intent (LoI) for compensation arising from the termination.
Wong Engineering is injecting RM15.75mil into its substantial shareholder Ong Yoong Nyock’s company, Broadway Lifestyle Sdn Bhd, to facilitate a land deal that would pave its way into real estate development.
Keck Seng said its hotel operations located in the US and Canada have temporarily closed, following the enforcement of citywide lockdowns. Back home, Keck Seng said its Tanjong Puteri Golf Resort in Johor was also affected.
Genting’s associate Landmarks is also temporarily closing its resorts and leisure operations in Malaysia and Indonesia, starting today, as the pandemic caused serious and significant disruption to both domestic and international travels.
Sapura Energy said it is in discussions with banks to refinance its borrowings and that these lenders are supportive of the company’s refinancing plans.
Top Glove said that it needs to urgently recruit up to 700 more workers as orders in the past few weeks have doubled.
Datuk Awang Daud Awang Putera, the co-founder of Serba Dinamik Holdings Bhd, has continued to increase his stake in Minetech Resources, following his appointment as the firm’s new executive chairman on Tuesday.
Meanwhile, US markets tumbled overnight as the coronavirus continues to spread and death toll is expected to rise.
Earlier, European stocks declined as the coronavirus outbreak continued to drag the market and weighed on investor sentiment.
“Following the bearish performances in the US and Europe, the FBM KLCI could retrace towards its support of 1,280 points,” JF Apex said.
Source: TheStar
