KLSE: WCEHB (3565)       WCE HOLDINGS BHD MAIN : Construction
Last Price Today's Change   Day's Range   Trading Volume
0.785   +0.005 (0.64%)  0.775 - 0.79  86,200
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Market Cap: 787 Million
NOSH: 1,003 Million
Avg Volume (4 weeks):169,105
4 Weeks Range:0.70 - 0.83
4 Weeks Price Volatility (%):
52 Weeks Range:0.70 - 1.50
52 Weeks Price Volatility (%):
Average Price Target: 1.16
Price Target Upside/Downside: +0.375
Stamp duty exempted for year 2018

Financial Highlight

Latest Quarter | Ann. Date 31-Mar-2018 [#4]  |  24-May-2018
Next QR | Est. Ann. Date: 30-Jun-2018  |  23-Aug-2018
T4Q P/E | EY: 57.54  |  1.74%
T4Q DY | Payout %: 0.00%  |  - %
T4Q NAPS | P/NAPS: 0.6974  |  1.13
T4Q NP Margin | ROE: 1.71%  |  1.96%


Date Subject
25-May-2018 Mplus Market Pulse - 25 May 2018
13-May-2018 My thoughts on WCE after the GE14 - felicity
29-Mar-2018 下跌股:WCE控股80仙支撑
27-Mar-2018 PublicInvest Research Headlines - 27 Mar 2018
11-Mar-2018 (CHOIVO CAPITAL) A brief analysis and valuation of WCE Holdings Berhad (WCEHB).
12-Jan-2018 Technical Buy: WCEHB (3565)
28-Dec-2017 Daily Market Update - 28 Dec 2017 (EFFICIEN, WCEHB)
31-Jul-2017 WCE's new equity raising - felicity
24-Jul-2017 Daily Market Update - 24 Jul 2017 (KSL, WCEHB)
24-Jul-2017 M+ Online Technical Focus - 24 Jul 2017

Business Background

WCE Holdings Bhd along with its subsidiaries is involved in investment holding. The company has toll concession, construction and others segments. Toll concession segment covers construction, management and tolling of highway operation. Construction segment comprises construction contracting and others segment includes leasing, management services and investment holding. The company mainly operates in Malaysia. Majority of its revenues come from toll concession segment.
Analyze this stock with MQ Trader system

  5 people like this.
CharlesT Wait for iculs n wa. Buy n keep for 2 years.
28/03/2018 21:01
Balan211072 Looks like a reversal wit hammer formation candle
28/03/2018 21:24
uptrending Bandar RIMBAYU
From IJM LAND AR 2014, FY ending 31/03/2014, the land measuring 81,846,191 sq ft, the book value as at 24/01/2014 (at the date of acquisition /date of valuation) is only
rm1, 258,269,000.

It is only rm15. 4 per sq ft only in the book.


The current land value if we take @rm35 per sq ft, WCE's 40% of the SURPLUS ONLY would be rm1.14 billion, more that its current Market CAP, (1.003 Billion shares x current share price of 0.93)

The Value of the West Coast Expressway due for completion by 2019, with 60 years concessions, is FREE woh...
28/03/2018 23:49
sheep hopefully greedy newbies not influence by so so bloggers. ... No. No.Then stake holders forced to lower the share price to attract more buyers for their rights.. they just need your money.. urgently...

Dont touch future issued warrants

29/03/2018 09:31
Mar Yung Chern share invest just same as doing business, just a common sense whether this highway business is a good deal to invest for, that's simple, everyone have their own judgement
29/03/2018 09:56
uptrending Those shareholders have no allocations or funds to take up their rights might have joined in the sell down over the last 2 days. This could be one of the reasons for sell down and the price is depressed temporarily. There might have invisible hands in play forcing the price lower to accumulate. This is share market and buaya-s are abound.

A good indicator that the price is undervalued is that the CEO and his spouse had been buying recently for about 300K shares at prices from rm1. 00-rm1.15.

Thanks to all the bloggers in i3 for the informative write-ups

One has to digest the contents disseminated and not to follow blindly.

29/03/2018 10:23
Jon Choivo Just bought a little to round up my number. Aih, sad. Went up today, had to pay more.
29/03/2018 10:23
Flintstones Why do investors like WCE? The same undervalued situation is happening in Ekovest where the market dismissed the value of Duke 3. Ekovest highway is proven and has secured funding. I think there is much more certainty in Ekovest in terms of traffic as well as construction progress
29/03/2018 15:34
Mar Yung Chern uncertainty create huge opportunity, chance loss when everything going smoothly
29/03/2018 16:46
Jon Choivo You have a good point.

This one is cleaner. For me at least. Eko is a decent investment though.

Flintstones Why do investors like WCE? The same undervalued situation is happening in Ekovest where the market dismissed the value of Duke 3. Ekovest highway is proven and has secured funding. I think there is much more certainty in Ekovest in terms of traffic as well as construction progress
29/03/2018 15:34
29/03/2018 16:53
uptrending Huge margin of safety in WCE because of its 40% stake in Bandar Rimbayu, the land value is about its market Cap now.
29/03/2018 18:29
Jon Choivo Can say the same for ekovest lah to be fair. The highways is worth more than the current market cap.
29/03/2018 20:59
pakatan_harapan2 GE 14 coming soon and Pakatan toll free pledge no supporter?
30/03/2018 04:25
sheep sell on strength.. dont look back...
30/03/2018 09:22
Flintstones Wow. 0.89.
07/05/2018 13:20
tiptop168 Dear Sifu,after changing the government, any impact to this toll company? Please advise. Thanks
12/05/2018 17:21
tipumakan If they really make plus toll free, then i think mostly WCE will die
14/05/2018 18:41
newbie8080 I'm wondering if they planning to abolish toll, will they continue with this project, since it's only 35% complete.
14/05/2018 18:44
Mar Yung Chern *Progress as of December 2017 : 43.97%

They must compensate or they will get sue if breach the contract. This is what we call rules of law.
15/05/2018 08:47
Jon Choivo Im perfectly fine if the government wants to takeover the toll. Just pay up. Id prefer if the toll is built and operated. But id take the money now too.
18/05/2018 11:57
steady31 Can Felicity and Jon Choivo give us your working estimate of what the Government would have to pay on a takeover of the company like what they did to Plus in 2012 in order to abolish all toll operators.would it be 1.20 or highest price done
18/05/2018 12:03
Mar Yung Chern look like the stock is gone? What is the TP if government takeover the WCE highway?
18/05/2018 12:43
steady31 Why 1.20 per share?It is the value of concession assets less the outstanding debts excluding deferred tax liabilities and ignoring future concession profits and works in progress not reflected in the financial statement as at 31/12/2017.It is one basis to take the company private and become a government entity.
18/05/2018 13:58
Flintstones Fund raising exercise still feasible?
18/05/2018 14:42
steady31 back in october 2010, PLUS was taken private at 4.60 at a premium of 14% over the average of past 3 months traded price.Using this yardstick, the offer price would be about 1.25 per share
18/05/2018 15:12
Mar Yung Chern share price drop like shit, any effect to the fund raising?
18/05/2018 19:46
trulyinvest Luckily sold all 1.09 with handsome profit
18/05/2018 20:07
Jon Choivo No idea how much they will pay as we do not have the contract. But in any event, highway also not yet finish build. I dont think this one is the problem.

But generally, it is cost of capital plus interest for uncompleted highways.

But i seriously doubt they will nationalize all highways. These highway is not maintain for free one. I can see the ones being owned by khazanah and epf, lowering their toll rates etc. But really, PLUS owes 28bil in debt, principle have not even start paying. Good luck lah.

But the rest, if they want, they are going to have to buy them.

With the price below 0.8, may need to change fund raising structure. Im hoping they forget about the fund raising and just get bank loan. Kao tim.
19/05/2018 12:38
Mar Yung Chern Is it worth to us if they just pay the cost of capital plus interest? In this situation, fund raising could be restructure, not sure whether bank allow to loan as the rumors of abolishment toll by PH. Just wish that they can follow the rules of law they mention, everything base on agreement
19/05/2018 12:51
Mar Yung Chern I do wish that felicity can analysts the latest situation in this stock
19/05/2018 12:53
Felicity https://www.thestar.com.my/business/business-news/2018/05/18/toll-dilemma/

as mentioned in the above article, to be correct the debt amount of bond which is outstanding for PLUS is actually RM30.2 billion. I wonder the government can pay this off even though it is not one off payment. On top of that maintenance is about RM1 billion per year.

The DAP government is way too eager to eliminate toll
19/05/2018 13:15
Mar Yung Chern Tun daim keep mention khazanaf and epf cash rich, is it possible they would like to use the epf fund to take over it?
19/05/2018 13:39
Felicity possible, but they cannot take away concessions without charging toll. One must remember that EPF is not government's money but people's money.

EPF has more assets than Khazanah by ratio of 7:1. Both are people's money.

Another fund which has funds is PNB. Similar, it is public's money.
They cannot and should not use people's money to take over toll and abolish it. In my mind, the compensation for PLUS is more than RM40 billion. Otherwise Abu Sahid would not offer it for RM36 billion last year. See below.


By eliminating toll for PLUS, it will effect our EPF and Khazanah's fund.
19/05/2018 13:48
Mar Yung Chern Very nice analysis felicity

So what do you think the most probably outcome in next week?
19/05/2018 13:56
Felicity hard to say, there are obviously short term weakness. yesterday's sale was based on very small volume only 0.15% of total stocks and dropped 10 sen
19/05/2018 14:44
trulyinvest Not yet finish construct highway oredi kena. Realy bad luck. Kikiki. Somemore,need,to raise funds, siapa mau beli
19/05/2018 15:00
Mar Yung Chern WCEHB still own bandar rimbayu 40% stakes, which have 1880 acres * 40% , How much it should worth?
19/05/2018 16:32
trulyinvest Property only loh.. wat so big deal
19/05/2018 20:10
uptrending Bandar RIMBAYU, WCE'S 40 % worths about RM 1 billion, taking the land price @RM30 per sq ft. It is slightly more than WCE's market Cap now.

However, if PLUS highway could be made Toll free, since originally the Concession, as I read in this forum, should have ended by 2018 and If that is the case, it will impact severely on WCE's toll business irrespective of whether it will be toll free or not. The compensation could come in the form of the Construction cost ++++?
21/05/2018 21:57
Mar Yung Chern totally no volume in this stock
24/05/2018 09:14
Fabien Extraordinaire oops, quarter result is a loss
24/05/2018 19:39
Mar Yung Chern provision for impairment on receivables 20m due to change of MFRS9 accounting reporting standard, base on announcement the the remaining receivables is still in negotiable. No problem on quater result, just a one time off recording due to change accounting standard

The remaining outstanding receivable
from Talam Transform Berhad
(“TTransform”) is expected to be
recovered within a timeframe subject to
the negotiation in resolving the issue of
the Group’s contingent liability to
TTransform (see Note 30 as disclosed in
our Annual Report 2017, page 108 and
Note 40(i) as disclosed in TTransform’s
Annual Report 2017, page 151).
The outstanding receivables will be
settled once the Group and TTransform
have reached an amicable settlement on
the negotiation in resolving the above
24/05/2018 20:09
Flintstones Looks like fund raising exercise is in vain now. I believe they have to explore other alternatives of raising fund
24/05/2018 20:13
Mar Yung Chern Flintstones Looks like fund raising exercise is in vain now. I believe they have to explore other alternatives of raising fund

I think so, but base on quarter report the remaining cash flow still in healthy status.
24/05/2018 20:17
LearningToInvest in the event of a government buyout of wcesb, what do you think the agreed price will be in view that toll operations have not commenced yet?
31/05/2018 14:48
paperplane another toll might not be abolished....hehe
04/06/2018 11:27
newbie8080 So far haven't heard anything for West Coast Expressway project which cost about rm5bil.
The government might be too busy with big ticket projects.
04/06/2018 11:41
paperplane wow, strong recovery ya
06/06/2018 18:06
paperplane WCE is well managed. IJM, KEURO all veteran helped develop this nation.
06/06/2018 18:06
LearningToInvest i agree. government has said that they are not going to abolish toll so soon. my view is that when the government does abolish toll they will focus on those that has already recouped their investments first. Even if they do decided to abolish wce tolls they will have to pay compensation. Also certain portions of the highway is expected to open soon. this is a positive for wce.
06/06/2018 20:16


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