Bursa Malaysia Stock Watch
WCT (BUY) - 4Q Briefing: Fundamentals still intact
kltrader
Publish date: Mon, 27 Feb 2012, 02:11 PM
kltrader
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WCT (BUY)
4Q Briefing: Fundamentals still intact
- Following last Friday's briefing which was chaired by Mr. Taing (MD), weleft reassured that WCT will strive to win more contract orders and yet ensurethat margins are not unnecessarily sacrificed during the tendering process. WCThas targeted earnings growth of between 10-15% going forward.
- Overall, WCT has an outstanding order book of ~RM2.7bn, translating to~2.2x FY11 construction revenue, and unbilled property of ~RM357m, translatingto ~1.3x FY11s property revenue.
- Maintain BUY with a higher TP of RM3.36 from RM2.98 as we rollover ourvaluation to average FY12 and FY13 earnings based on 14x P/E multiple.
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