Trading ideas: Magni-Tech, CAB Cakaran, Cypark, Sunway, Pharmaniaga


KUALA LUMPUR: JF Apex Research expects Magni-Tech Industries Bhd, CAB Cakaran Corp Bhd, Cypark Resources Bhd, Sunway Bhd, Pharmaniaga Bhd and Yinson Holdings Bhd to be among the stocks to watch on Thursday.

Magni-Tech is disposing of 26,951 square metres of freehold land at the Valdor Industrial Area in Seberang Perai for RM23.3mil.

It said the proceeds from the sale will further enhance its cash flow and place the group in a stronger cash position to fund its future business plans or undertake new and suitable investment opportunities.

CAB Cakaran said it has suspended operations at one of its wholly-owned subsidiary’s factories after 162 Covid-19 infections were found among its workers.

It said, the temporary cessation of business of the affected factory is expected to result in a delay of deliveries for several orders to its customers.

Cypark Resources has proposed to undertake a private placement of up to 105 million new ordinary shares, representing up to 20% of the total number of issued share in the company.

Sunway Bhd said it will apply for a digital banking licence to be issued by Bank Negara Malaysia (BNM).

Pharmaniaga is expected to complete its contractual obligation of supplying 12 million Sinovac Covid-19 vaccine doses to the federal government by next month, sufficient to cover some 18% of Malaysia’s population.

Yinson has invested in Singapore technology company Oyika Pte Ltd to accelerate electric vehicle (EV) adoption in Southeast Asia.

Meanwhile, the US market declined overnight after the Federal Reserve raised inflation expectations and projected interest rate hikes in 2023.

Earlier, European stocks advanced after UK’s inflation came above expectations.

“Following the recent flattish movement, the FBM KLCI could remain sideways above the support of 1,550 points,” JF Apex said.

Source link