KUALA LUMPUR: Kumpulan Jetson Bhd
, Protasco Bhd, MyNews Holdings Bhd, MCE Holdings Bhd, SMIS Corp Bhd, Epicon Bhd, PT Resources Holdings Bhd, Aeon Credit Service (M) Bhd and Foundpac Group Bhd are among the stocks to watch on Friday.
Kumpulan Jetson has turned down a requisition from 10 shareholders to convene an extraordinary general meeting (EGM) to remove five company directors.
Protasco has initiated bankruptcy proceedings against former director Datuk Tey Por Yee and his associate Datuk Ooi Kock Aun, demanding a total sum of RM123.37mil from each of them.
MyNews returned to the black in the fourth quarter ended Oct 31, 2023 (4QFY2023) with a net profit of RM947,000, compared with a net a net loss of RM82,000 a year earlier while revenue rose 3.08% to RM186.16mil from RM180.6mil previously.
MCE, whose share price has risen by 42% this month, saw its net profit in the first quarter ended Oct 31, 2023 (1QFY2024) jump 39.4% to a record high of RM4.88mil from RM3.49mil a year ago, as revenue rose 8.48% to RM41.27mil from RM38.56mil, primarily driven by higher sales in the automotive parts segment, on sustained demand for products by local carmakers.
Automotive interior furnishing and components supplier SMIS Corp is selling a 35% stake in its Indonesian subsidiary PT Grand Surya Techno Tbk (PTGST), reducing its stake to 60%, to Japan-based Sugihara Co Ltd for US$1.37mil (RM6.4mil).
Stage and express bus service operator Epicon is establishing a consortium with a unit of Permodalan Negeri Selangor Bhd (PNSB) to develop an affordable housing project in Rawang, Selangor.
Sarawak-based plantation group Rimbunan Sawit Bhd has proposed to dispose of 9,935 hectares of oil palm land in Miri for a total of RM165mil to Mahawangsa Sungai Bok Plantation Sdn Bhd.
PT Resources Holdings Bhd net profit doubled to RM18.7mil for the second quarter ended Oct 31 (2QFY2024) from RM8.34mil a year ago, despite lower revenue, thanks to the group having secured supplies at competitive prices through bulk purchasing.
AEON Credit net profit rose 2.3% year-on-year for the third quarter ended Nov 30, 2023 (3QFY2024) despite a 16.4% increase in revenue, due to higher impairment losses, coupled with an increase in interest expenses.
Foundpac has proposed to acquire a leasehold industrial land in Bayan Lepas, Penang, for RM41.88mil from Bluemetal Sdn Bhd.
Overnight, the Dow Jones Industrial Average rose 322.35 points, or 0.87%, to 37,404.35, the S&P 500 gained 48.4 points, or 1.03%, at 4,746.75 and the Nasdaq Composite added 185.92 points, or 1.26%, at 14,963.87.
“Going forward, we expect some nibbling to take place, mirroring from the recovery on Wall Street overnight on the back of resumption in year-end window dressing activities,” Apex Securities said.
The lower liners, however, may consolidates with investors takes a break ahead of the extended weekend festive holiday with trading activities likely to simmer.
“Economic wise, Malaysia inflation rate alongside with the US consumer sentiment data will be in focus.
“We expect the technology sector to mirror the gains on Nasdaq overnight. Healthcare sector may also see improved trading interest following the resurgence of Covid-19 cases,” Apex said.
