Trading ideas: Maxis, ITMAX, PIE, MFM, PPB Group, Epicon, NationGate, GIIB

KUALA LUMPUR: Stocks to watch today include Maxis Bhd, ITMax System Bhd, PIE Industrial Bhd, Malayan Flour Mills Bhd (MFM), PPB Group Bhd, Epicon Bhd, Nationgate Holdings Bhd and GIIB Holdings Bhd.

Tan Sri Mokhzani Mahathir has decided to step down as chairman of the board of Maxis effective June 30. Maxis also announced that its net profit rose 10% to 353mil in the first quarter ended March 31, 2024 compared to RM320mil over the same period last year.

ITMAX secured a RM105.3mil variation order (VO) from Kuala Lumpur City Hall (DBKL) for an extension of its contract to provide closed-circuit television (CCTV) and video messaging signages (VMS) integrated transport information system (ITIS) services.

PIE Industrial’s net profit for the first quarter ended March 31, 2024 (1QFY2024) dropped 31.24% to RM9.7 million, from RM14.11 million a year earlier, due to reduced demand caused by shortages of major integrated circuits.

MFM net profit has more than tripled for the first quarter from a year earlier on higher margins in its flour and grain segment from lower wheat prices.

PPB Group is planning to invest RM327mil in its film exhibition and distribution segment, which houses Golden Screen Cinemas, over the next five years.

Epicon won a RM50mil sub-construction contract for structural reinforced concrete works.

NationGate has secured approval from the Securities Commission Malaysia (SC) for its transfer to the Main Market of Bursa Malaysia.

GIIB said that its interim financial statements for the period ended on March 31, 2023, issued on May 29, 2023, are consistent with the interim financial statements for the same period as approved by the board through formal processes.

Meanwhile, Apex Securities reckoned the positive momentum may extend moving into the start of the week, taking a cue from the upbeat tone from Wall Street last Friday, alongside the solid first quarter 2024 GDP data announced last Friday.

“The lower liners are also in a strong position, riding onto the positive market sentiment alongside with the returns of foreign fund inflow. For the week ahead, investors will be shifting their attention towards a slew of corporate earnings releases on the local front.

“Economic-wise, investors will also keep a close tab on Malaysia’s trade data to be released later today. We favour the gold-related players riding on to the higher gold prices. Sarawak-related stocks may be in focus with the state government’s aims to achieve RM16.0bil in revenue for 2024,” Apex said.