US stocks rose to fresh all-time highs on Tuesday as Pfizer started to roll out its coronavirus vaccine in the U.K., lifting hope of the economy recovering in the near future. Meanwhile, European stocks closed marginally higher, amid optimism over coronavirus vaccinations and as post-Brexit trade talks between the U.K. and EU continued to yield little progress.
On the local front, the FBM KLCI rose 8.81 points or 0.54% to 1631.70 points, lifted by glove counters. However, market breadth was negative with 594 gainers as compared to 652 losers. The local bourse is expected to trend sideways today to hover below its resistance level of 1645 points.
Stocks to watch are: Inix has signed a memorandum of agreement with World Gloves International Group Sdn Bhd (WGI) to acquire a 51% stake in the latter, as part of its continuous efforts to penetrate into the lucrative rubber glove industry; G Capital said it has received approval in principle from Cambodia's central bank to set up a full-fledged commercial bank in the country with other partners; Johan said its board is in the midst of discussion on a potential new business venture involving glove-related products. However, there are no definitive terms and conditions that are firmed and agreed upon by the company at this juncture, Johan said in a filing with Bursa Malaysia in response to an unusual market activity (UMA) query by the bourse earlier; The Federal Land Development Authority (Felda) is planning to make a mandatory offer of RM1.30 per share for FGV Holdings; MAHB is extending its customised relief package to all its retailers with up to 30% rental rebates beginning January 2021; Pestech has bagged a contract worth RM104.23 million in the Philippines for a 138kV transmission line project; Public Bank has announced a bonus issue of up to 15.53 billion shares on the basis of four new shares for every one existing unit held to reward shareholders and to enhance the trading liquidity of the bank's shares; GDEX and Tasco have inked a memorandum of understanding (MoU) to enhance logistics delivery services between end consumers in Malaysia with domestic and international destinations; Gamuda is aiming for new order book of about RM10 billion for 2021, involving a combination of international and domestic infrastructure projects, according to group managing director Datuk Lin Yun Ling; AirAsia is looking to clinch the final approval for its lending business BigPay by the first quarter of next year Serba Dinamik is looking to raise about RM515.35 million from its private placement to repay bank borrowings and to partly finance its projects; G3 Global has announced a bonus issue of up to 1.86 billion shares, on the basis of three new shares for every one share held, to reward shareholders and boost trading liquidity and marketability of its shares; Hong Seng's unit and RP Integrated Bhd have mutually terminated their medical drugs and vaccines joint venture just two months after signing the deal.
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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