Wednesday, 13 December 2017 | MYT 8:50 AM
Trading ideas: Rhone Ma, UEM Sunrise, KLK, Magni-tech
KUALA LUMPUR: JF Apex Research expects Rhone Ma Holdings Berhad, UEM Sunrise Bhd, Kuala Lumpur Kepong Bhd and Magni-Tech Industries Bhd to be among the stocks to watch on Wednesday.
The research house also expects Anzo Holdings Bhd and Fajarbaru Builder Group Bhd following their latest contract wins.
Rhone Ma has received an amended agreement to stop distributing multinational animal health company Merial’s swine, poultry, ruminant and veterinary public health products.
However, the group will continue to distribute companion animal products of Merial.
UEM Sunrise is buying a 19.24-acre (7.79ha) leasehold land in Taman Equine, Seri Kembangan, Selangor for RM109.5mil.
The land will be used for a boutique development for the upper-middle market segment, with a gross development value (GDV) exceeding RM700mil.
Kuala Lumpur Kepong plans to acquire Elementis BV’s surfactant chemicals business and its 16.2-hectare Delden manufacturing plant in the Netherlands for a total enterprise value of €39 million (RM187.2mil), on a cash-free debt-free basis and with a normal level of working capital.
Magni-Tech's 2QFY18 net profit dropped 28% year-on-year due to lower garment sales and the closure of its offset printing packaging business.
Anzo has bagged a RM28.91mil sub-contract to build a 14-storey office building in Jalan Hospital Bandar, Ipoh, Perak.
Fajarbaru has won a RM22.05mil contract from Pos Malaysia Bhd to renovate the latter’s Integrated Parcel Sortation Centre at Pos Malaysia International Hub at the Kuala Lumpur International Airport.
Meanwhile, Dow surged 118 points yesterday to record close on tax bill optimism. Wall Street also looked to the Federal Reserve as its two-day policy meeting kicked off.
Similarly, European stocks closed higher Tuesday, as investors monitored upcoming policy meetings from the U.S. Federal Reserve and the European Central Bank (ECB).
“On the local market, the FBM KLCI gained 10.10 points or 0.59% to end at 1729.57 points.
“Following the positive performance, the benchmark index is expected to test its immediate resistance level of 1,730 points today,” JF Apex said.