KUALA LUMPUR: Stocks to watch on Monday include Yinson Holdings Bhd, CIMB Group Holdings Bhd, Malaysia Airports Holdings Bhd (MAHB), Malaysian Resources Corp Bhd (MRCB), Mah Sing Group Bhd, Tan Chong Motor Holdings Bhd, Pansar Bhd, Skyworld Development Bhd and Pharmaniaga Bhd.
-Advertisement-
Yinson is divesting its offshore marine business, Regulus Offshore, to Icon Offshore Bhd as part of its strategic focus on its floating production storage and offloading (FPSO) and energy transition businesses.
CIMB posted an 11% increase in net profit for the second quarter ended June 30, 2024 (2QFY2024) to RM1.96bil from RM1.77bil in 2QFY2023, due to higher net interest income and non-interest income.
MAHB’s net profit for 2QFY2024 doubled to RM205.80mil from RM102.53mil a year earlier, thanks to higher contributions from associate and joint venture companies.
MRCB’s net profit for 2QFY2024 surged more than fourfold to RM51.18mil from RM10.87mil a year earlier, as contribution from its construction segment doubled.
Mah Sing’s net profit for 2QFY2024 climbed to RM60.2mil from RM50.5mil a year earlier, driven by higher margins and lower net finance costs.
Tan Chong net losses ballooned to RM40.11mil for 2QFY2024 from RM18.13mil a year earlier, amid intense competition in the automotive industry at home and abroad.
Pansar has clinched an RM804.7mil contract for the Kuching Urban Transportation System (KUTS) Blue-Line Package 2 in Sarawak.
-Advertisement-
Axis Real Estate Investment Trust is proposing a private placement to raise up to RM454.99mil for repayment of bank financing.
SkyWorld Development Bhd has proposed to jointly develop a property in Vietnam’s Binh Duong Province, its second venture in that country.
Pharmaniaga announced on Friday the appointment of Zulkifli Jaafar as its managing director, effective Sept 1.
Meanwhile, Apex Securities anticipates that market sentiment will improve following August’s heavy selling.
It noted that the end of the local corporate earnings season is expected to reduce volatility and further support this positive trend.
“Currently, we favour the technology and utilities sectors, expecting improved sentiment and bargain hunting, as these sectors are well-positioned for bottom fishing.
“Conversely, we anticipate some selling pressure in oil and gas stocks due to the decline in international oil prices amid expectations of rising supply,” Apex said
-TheStar