Stock Name: WCT
Company Name: WCT BHD
WCT; Buy; RM2.58
Price target: RM3.70; WCT MK
WCT announced it has won a RM300.5m contract for the construction of a Ministry of International Trade & Industry (MITI) building by Putrajaya Management. The scope of works includes the design and build of GBI Gold rating 31-sotrey office, tower, a 2-storey car park and a 3-storey podium with completion in February 2015.
This is an important win for WCT after a long lull in 2011 (order wins of RM187m). This contract win represents 15% of our FY12F new win assumption of RM2bn. We expect margins to be c.5% but may trend higher given WCT's reputation of being cost competitive. Total tenderbook now stands at RM5bn, which is still skewed towards the Middle East. We maintain our Buy rating and SOP-derived TP of RM3.70.
Source: HwangDBS Equity Research 9 Feb 2012
Company Name: WCT BHD
| Research House: HWANGDBS | Price Call: BUY | Target Price: 3.70 |
WCT; Buy; RM2.58
Price target: RM3.70; WCT MK
WCT announced it has won a RM300.5m contract for the construction of a Ministry of International Trade & Industry (MITI) building by Putrajaya Management. The scope of works includes the design and build of GBI Gold rating 31-sotrey office, tower, a 2-storey car park and a 3-storey podium with completion in February 2015.
This is an important win for WCT after a long lull in 2011 (order wins of RM187m). This contract win represents 15% of our FY12F new win assumption of RM2bn. We expect margins to be c.5% but may trend higher given WCT's reputation of being cost competitive. Total tenderbook now stands at RM5bn, which is still skewed towards the Middle East. We maintain our Buy rating and SOP-derived TP of RM3.70.
Source: HwangDBS Equity Research 9 Feb 2012
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