KUALA LUMPUR: JF Apex Research expects George Kent, Bintai Kinden
, MISC, SP Setia and United Malacca to be among the stocks to watch on Friday following their fresh corporate news.
George Kent delivered a strong set of financial results for the first quarter ended April 30 with earnings up 23.3% to RM18.49mil, while its order book has grown to RM6.1bil.
Its earnings rose from RM15mil a year ago. Revenue increased by 5.2% to RM129.42mil from RM122.96mil a year ago.
JF Apex Research pointed out Bintai Kinden has bagged a S$39.6mi (RM122.1mil) contract from Singapore's Land Transport Authority (LTA) to undertake mechanical services for the four-in-one rail and bus depot in Singapore.
As for MISC, it has secured a US$200mil (RM857mil) contract to own and operate two specialist DP2 offshore loading shuttle tankers via its unit AET Tanker Holdings Sdn Bhd. The vessels will operate in oilfields on the Norwegian Continental Shelf of the North Sea, Norwegian Sea and the southern Barents Sea.
The research house noted that S P Setia had signed a conditional share purchase agreement to acquire I&P Group Sdn Bhd from its controlling shareholder Permodalan Nasional Bhd (PNB) for RM3.65bil cash. The group is proposing a cash call plus private placement to raise the required funding.
Meanwhile, United Malacca's 4QFY17 net profit rose 43% on-year due to higher fresh fruit bunches production, and better crude palm oil and palm kernel prices
Overnight on Wall Street, US shares put in a mixed performance, though the S&P healthcare index rose 1% and hit its fifth consecutive record close following the release of Senate Republicans' bill.
Similarly, European stocks closed flat after gains in healthcare sector was offset by losses in oil and gas counters.
At Bursa Malaysia, the FBM KLCI added 1.86 points to close at 1,777.43.
“Following the mixed performance in the US and Europe, the KLCI could remain lacklustre and trend sideways above the support of 1,760,” it said.
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