KUALA LUMPUR: Stocks to watch on Thursday include Yinson Holdings Bhd, GLOMAC BHD, GAMUDA BHD, Hai-O Enterprise Bhd, Astro Malaysia Holdings Bhd and Kejuruteraan Asastera Bhd, according to JF Apex Research.
Yinson closed its 4QFY20 with its net profit up 7% year-on-year, thanks to higher operating profit and lower tax incurred.
Glomac’s 3QFY20 net profit jumped more than eight times year-on-year thanks to the contribution from higher margin projects, better performance by the property investment segment and overall administrative cost savings.
Gamuda saw its second quarter net profit inch up marginally by 1.17% year-on-year on the back of contribution from the construction of the Mass Rapid Transport 2 (MRT2) line.
Hai-O’s 3QFY20 net earnings tumbled 40.6% year-on-year mainly dragged down by its multi-level marketing division.
Astro’s net profit rose 17.3% to RM138.92mil for the fourth quarter ended Jan 31 from RM118.4mil in the previous year’s corresponding quarter. Its quarterly revenue fell 10.3% to RM1.23bil, from RM1.37bil a year earlier.
Kejuruteraan Asastera is taking up an 80% stake each in two companies involved in the renewable energy and energy efficiency-related business for RM7.26mil cash, in a deal that will see it assume liabilities worth some RM4.24mil, which values the entire transaction at RM11.50mil.
Hartalega spends RM263mil on land purchase for factory expansion in order to meet the rising global demand over the medium and long term.
Meanwhile, US markets ended mixed with the Dow and S&P climbing while the Nasdaq slipped after the White House and Senate agreed on a US$2 trillion coronavirus stimulus bill.
The 30-stock average climbed more than 2%, or 495.64 points, to 21,200.55 on Wednesday. The S&P 500 was up by 1.1% and closed at 2,475.56.
Earlier, European stocks advanced following the US’ stimulus to mitigate the economic impact from the coronavirus outbreak.
“Following the positive sentiment in global markets, the FBM KLCI could extend its rebound towards the resistance of 1,370 points,” JF Apex said.