Business

Published: Tuesday June 11, 2013 MYT 8:49:00 AM

Trading ideas: Yinson, Tanjung Offshore, Prostaco


KUALA LUMPUR: Hwang DBS Vickers Research expects two oil & gas counters - Yinson Holdings and Tanjung Offshore to attract added interest on Tuesday while also in focus could be Prostasco.

It said Yinson would emerge as a major FPSO service provider following its takeover of a Norwegian company in a RM551mil deal.

As for Tanjung Offshore, HDBSVR said the company was reportedly close to acquiring a controlling stake in a foreign oil & gas company that owns offshore oil rigs for an approximate price of RM1bil.

Prostasco shares may also see action after it won an infrastructure contract involving road and drainage works in Johor for RM50mil.

On the overnight performance of Wall Street, it said the key bellwethers ended between -0.1% and +0.1% as sentiment was divided by mixed economic signals. "Nevertheless, we reckon Malaysian equities will probably extend its robust performance ahead.

"The benchmark FBM KLCI could build on its 12-point gain yesterday to pull further away from the resistance-turned-support level of 1,785, targeting to advance towards the 1,800 psychological mark next," it said.

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