Trading ideas: TNB, Tan Chong Motor, Hibiscus Petroleum, Heineken Malaysia, PIE Industrial and Malaysia Pacific Corp
KUALA LUMPUR: Stocks to watch for on Monday include TNB, Tan Chong Motor, Hibiscus Petroleum, Heineken Malaysia, PIE Industrial and Malaysia Pacific Corp, according to JF Apex Research.
TNB after Reuters reported that it plans to begin the process next year for a potential US$1 billion (RM4.44 billion) listing of its power generation business plans.
TNB and Tan Chong Motor have secured a four-year extension to their power purchase agreements (PPAs).
Hibiscus Petroleum has relinquished its VIC/P57 petroleum exploration permit to the Australian National Offshore Petroleum Titles Administrator (NOPTA) after an unsuccessful farmout exercise.,
Heineken Malaysia's net profit jumped over three times YoY in 2Q22 to RM86 million.
PIE Industrial Bhd's net profit for 2Q22 fell 36.41% YoY to RM8 million and Malaysia Pacific Corporation Bhd's shares will be suspended on Aug 19 and de-listed on Aug 23 unless an appeal is submitted by Aug 18.
Meanwhile, JF Apex said the FBM KLCI could retest the resistance of 1,510 points following the bullish performance on Wall Street.
The US market rallied on Friday after lower-than-expected PPI and import prices.
Similarly, European stocks were positive after UK's 2Q GDP and CPI data for several countries.