ANALYST REPORTS

KUALA LUMPUR: Stocks to watch on Thursday include MyEG Services Bhd, Iconic Worldwide Bhd, AT Systematization Bhd, KUB Malaysia Bhd, Techbond Group Bhd, Tenaga Nasional Bhd and AirAsia, according to JF Apex Research.

MyEG’s indirect associate company PT Cartenz Inti Utama signed a memorandum of understanding (MoU) with the Jakarta Smart City Management Unit on June 5 to provide and implement a contact tracing application in Jakarta to monitor the spread of Covid-19.

Iconic Worldwide is venturing into face mask manufacturing, initially targeting factory and construction companies in Malaysia.

AT Systematization has signed a letter of intent to acquire industrial glove maker, Pearl Glove (Malaysia) Sdn Bhd, for an undisclosed sum, subject to due diligence, regulatory and shareholder approval.

KUB is disposing of two oil palm estates measuring an aggregate 2,656 hectares in Kluang, Johor for RM158mil cash.

Datasonic has received a letter from the Ministry of Home Affairs for additional contract value of RM7.3mil in relation to an ongoing contract for card personalisation centres at the National Registration Department (NRD).

Techbond’s 3QFY20 net profit more than doubled to RM2.5mil from RM1.0mil a year ago thanks to unrealized forex gain and better gross profit margin.

Lotus KFM has declared a special dividend of 0.5 sen/share for its FY20.

Tenaga Nasional posted a lower net profit of RM717.9mil for 1QFY20, down 54.5% year-on-year, following a RM402.8mil forex loss against the US dollar and yen.

AirAsia has launched an unlimited pass campaign to stimulate the country’s domestic tourism. Dubbed AirAsia Unlimited Pass Cuti-Cuti Malaysia, priced at RM399 nett, the group said it is available to all Malaysia-based AirAsia BIG members.

AE Multi has entered into a Heads of Agreement with Palm Pro Engineering Sdn Bhd to form a proposed joint venture (JV) business via establishment of a company for the group to diversify into palm oil milling business.

Meanwhile, US markets declined overnight but the Nasdaq rose to a record high as the Federal Reserve kept interest rates unchanged and signaled no hike until 2022.

Earlier, European stocks tumbled before the Fed’s decision was announced.

“Following the lacklustre performances in the US and Europe, the FBM KLCI could remain sideways between the support and resistance of 1,550 and 1,590 points respectively as the bulls take a breather from recent gains,” JF Apex said.

https://www.thestar.com.my/business/business-news/2020/11/25/iconics-2q-net-profit-surges-to-rm3mil