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HomeNewsTrading ideas: Tri-Mode, Ageson, Salutica, PTT Synergy, Dufu, ECA Integrated, Bursa Malaysia,...

Trading ideas: Tri-Mode, Ageson, Salutica, PTT Synergy, Dufu, ECA Integrated, Bursa Malaysia, Reneuco, MISC

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KUALA LUMPUR: Stocks to watch on Wednesday include Tri-Mode System (M) Bhd, Ageson Bhd, Salutica Bhd, PTT Synergy Bhd, Dufu Technology Corp Bhd, ECA Integrated Solution Bhd, Bursa Malaysia Bhd, Reneuco Bhd and MISC Bhd, according to Apex Securities.

Tri-Mode has proposed to acquire three parcels of leasehold land in Pulau Indah, Klang for a total cash consideration of RM42mil.

Ageson’s external auditor, Jamal, Amin & Partners is unable to provide a basis for an audit opinion on the company’s audited financial statements for the 18-month financial period ended Dec 31, 2022 (FY2022) as the group has failed to provide sufficient appropriate audit evidence.

Shares of loss-making Salutica maintained their upward trajectory on Tuesday after a week of consistent gains, breaching the RM1-mark to close at a six-month peak of RM1.02 and has prompted Bursa Malaysia to pose an unusual market activity query to the company.

PTT Synergy has secured a RM53.29mil contract for construction and completion of various works related to Phase A (Package 1) Elmina Business Park 2 in Rawang.

Dufu’s net profit for the third quarter ended Sept 30, 2023 (3QFY2023) fell by 79.42% to RM3.38mil compared with RM16.42mil on the back of an increase in operating costs and drop in revenue.

Naza Corp Bhd has emerged as a substantial shareholder of ECA Integrated after acquiring a 5.18% stake or 30 million shares last Friday, a filing with Bursa Malaysia showed on Monday.

Bursa Malaysia’s net profit for the third quarter ended Sept 30, 2023 (3QFY2023) rose 20.5% to RM60.41mil from RM50.13mil a year ago on the back of improved trading revenue from the securities market.

Reneuco Bhd will be undertaking civil construction and telecommunication works along the South Klang Valley Expressway (SKVE) and two roads in Kuala Langat and Sepang for a sum of RM14.93mil.

Dagang Nexchange Bhd’s sub-subsidiary Innovation Associates Consulting Sdn Bhd (IAC) has secured a project from the Securities Commission Malaysia (SC) for the implementation of the Aras 2.0 onboarding and data migration platform for RM3.09mil.

MISC has bagged a contract to supply, operate and maintain a liquefied natural gas (LNG) floating storage unit (FSU) in Pengerang, Johor with an estimated contract value of up to US$213.7mil (RM1.02bil).

Overnight, the Dow Jones Industrial Average rose 123.91 points, or 0.38%, to 33,052.87, the S&P 500 gained 26.98 points, or 0.65%, to 4,193.8 and the Nasdaq Composite added 61.76 points, or 0.48%, to 12,851.24.

Apex Securities reckoned that the FBM KLCI could remain sideways at the moment.

“Bargain hunting activities may emerge overtime as the local bourse may take a cue from the positive developments on Wall Street overnight. The lower liners may also see improved trading sentiment on the back of rebound play,” it said.

For now, investors will be waiting for the Federal Reserve’s interest rate decision with a 98% probability of rates being unchanged. Meanwhile, global manufacturing data from Malaysia, China, the UK and the US will also be in focus.

“We expect the technology sector to perform positively, taking cue from the improved sentiment on Nasdaq overnight,” Apex said.

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