A positive surprise. WCT's 2011 net profit of RM162m (+8% YoY) came in 5% above our estimates, in the absence of forex losses in the final quarter. We tweak our 2012 net profit forecast up by 2% after updating our model. 2012 earnings will be underpin by record property sales in 2011. RM632m in construction job wins year-to-date is a also good start. We retain our SOP-based TP of RM3.15 (15x 2012 earnings plus 20sen increment from the KLIA2 IC concession). Maintain Buy.

Maybank Research - 24 Feb 2012

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