US markets rose overnight after better-than-expected GDP and employment data. Earlier, European stocks declined following coronavirus lockdown measures while the European Central Bank kept interest rates unchanged and hinted at further stimulus.
On the local market, the FBM KLCI dropped 5.15 points to 1495.20 points. Following the rebound in Wall Street, the FBM KLCI could remain buoyed with support at 1475 points.
Among stocks to watch are: FGV Holdings said it will start the process of terminating the land lease agreement (LLA) with the Federal Land Development Authority (Felda) once it receives an official notice from Felda on the matter, adding that the compensation due to the company could be between RM3.5 billion and RM4.3 billion; Sunway Construction has secured a contract worth RM315 million from the National Highways Authority of India via a consortium; AT Systematization, which is building its glove manufacturing factory in Perak, expects to reach a production capacity of up to 2.6 billion pieces of medical-grade nitrile gloves per annum by June 2021; Lotte Chemical Titan saw its 3QFY20 net profit fall 13.73% yoy due to lower revenue, higher share of associate losses and higher operating cost resulting from Hurricane Laura; Homeritz's 4QFY20 net profit rose 61.28% yoy thanks to higher revenue and lower material prices; ATA IMS’ 2QFY21 net profit rose 68.4% yoy due mainly to higher sales orders; Samchem's 3QFY20 net profit surged 79.51% yoy, thanks to higher sales volume and better margin; WCE Holdings is close to securing a construction works contract worth RM126.8 million for a proposed access from the West Coast Expressway to a mixed development project in Kota Seri Langat; HeiTech Padu has been awarded a second contract by the National Registration Department this year, with the latest one worth higher at RM50.97 million; The Malaysian Anti-Corruption Commission (MACC) has begun an investigation into a 300 million ringgit (US$72.1 million) loan from Sabah Development Bank Bhd (SDB) to budget airline AirAsia, an officer of the agency said on Wednesday; AirAsia X plans to revise its US$15.3 billion (RM63.5 billion) debt restructuring plan to address concerns raised by a creditor as its cash is running out fast, based on a news report.
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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