Stock Name: WCT
Company Name: WCT BHD
Source: ECMNewz Bits 24 February 2012
Company Name: WCT BHD
| Research House: ECMLIBRA | Price Call: BUY | Target Price: 3.07 |
Maintain BUY, TP: RM3.07
WCT'sfull year FY11 net profit was spot-on with respect to both house and consensusexpectations. Although the group's FY11 results were disappointing, we remainoptimistic that WCT, backed by RM5bn tenderbook, will do much better in securingnew construction jobs in FY12, having secured 2 contracts worth RM631m back-to-backthis year in just one month. Maintain BUY, with sum-of-parts (SOP) target priceraised slightly to RM3.07 from RM3.02 previously, to account for the group'snet debt position as at end-FY11 which was better than what we expected. (referto report for details)
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