Positive addition. WCT's proposed acquisition of a company holding a 57-acre land in Old Klang Road, KL will enhance its total land bank by 6%. However, as the land is located at the highly matured part of the Klang Valley, the development value is huge, projected at RM4b. This would lift the total outstanding GDV for its Malaysian projects by 70% to RM9.7b. We are positive on the development achieving good demand. Earnings contributions nonetheless are expected only from 2014. We retain our Buy call on WCT with an unchanged RM3.15 target price.

Maybank Research 15 March 2012

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