Stock Name: WCT
Company Name: WCT BHD
Shortfall again
Buy call maintained, but with a lower target price. 9M11 net profit ofRM114.5m (+15% YoY) made up just 68% of our earlier full-yearforecast and 70% of consensus. Construction works recognition wasslower than expected and 3Q results included another RM3m of forexloss lifting total forex loss to RM16m for 9M11. We lower our 2011 netprofit forecast by 8% and 2012-13 forecasts by 12-15%. This puts ourTP, which is largely earnings based, at a lower RM2.75 (-11%).
Maybank research (18 November 2011)
Click here for full report ''
Company Name: WCT BHD
| Research House: MAYBANK | Price Call: BUY | Target Price: 2.38 |
Shortfall again
Buy call maintained, but with a lower target price. 9M11 net profit ofRM114.5m (+15% YoY) made up just 68% of our earlier full-yearforecast and 70% of consensus. Construction works recognition wasslower than expected and 3Q results included another RM3m of forexloss lifting total forex loss to RM16m for 9M11. We lower our 2011 netprofit forecast by 8% and 2012-13 forecasts by 12-15%. This puts ourTP, which is largely earnings based, at a lower RM2.75 (-11%).
Maybank research (18 November 2011)
Click here for full report ''
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