US markets declined overnight following selldown in technology counters and concerns over the coronavirus. Earlier, European stocks rose after slower economic data increased the possibility of further stimulus measures.
On the local market, the FBM KLCI tumbled 9.30 points to 1496.48 points following political uncertainty. Following the mixed performances in the US and Europe, the FBM KLCI could remain sideways above the support of 1475 points.
Among stocks to watch are: Sapura Energy and its JV partner Seadrill Ltd are said to be targeted in Brazil’s ‘Car Wash’ corruption probe based on a foreign media report; Solution has inked an agreement to market and distribute Covid-19 vaccine by CanSino in Malaysia. The group said it will establish a fill and finish facility for the filling, finishing and final quality control of the CanSino vaccine; Favelle Favco said three subsidiaries have bagged RM56.1 million in purchase orders for the group's cranes since Aug 27. The orders were received from ExxonMobile Exploration and Production Malaysia Inc, TES Inc and Noronha Holdings Pty Ltd (trading as Rhemza Cranes Pty Ltd). ExxonMobile made an offshore crane order with the rest making tower crane orders; Encorp plans to raise RM5.51 million via a private placement to fund its business expansion activities and working capital requirements, as well as to address its public shareholding spread. The property developer said it will be placing 30.61 million shares — representing 10% of its share capital — to selected third-party investors; WZ Satu has filed a RM59.21 million lawsuit over the failure by its subsidiary to achieve the profit guarantee and shareholders' fund guarantee given in 2014 when the subsidiary was acquired.
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Created by jfapex | Aug 26, 2024
Pesona is valued at RM0.46 based on a Sum of Parts valuation, which also corresponds to a 13.0x 1-year forward PER of the Group’s FY25F EPS of 3.5 sen. This valuation is a discount to Bursa Construc