kltrader
Publish date: Mon, 21 Nov 2011, 10:06 AM
kltrader
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Down but not out  Shariah-compliant
 
Maintain Buy. New jobs on tender is down to RM4b from RM10b threemonths ago. Nonetheless, the positives are that the current order bookwill last into 3Q 2013 while the property development business haschalked up extremely strong sales providing the earnings sustainability.Contributions from property investment will also receive a step-up from2012 coming from the Paradigm mall. We maintain our forecasts andSOP-based target price of RM2.75. Moving into 2012, we think thatWCT continues to stand a good chance in clinching major job wins.

Maybank research (21 November 2011)

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