Company Update
We upgrade our call to BUY from Sell and lift our TP by 25% to MYR1.75 (19% upside) from MYR1.40, as we change our valuation methodology to SOP from straight P/E. We believe it is now more appropriate for us to value WCT’s property development/investment based on RNAV/NBV respectively given that it has grown substantially in size in recent years. We maintain our earnings forecasts.
Source: RHB Research - 23 Mar 2015
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Created by kiasutrader | Jun 14, 2016
Created by kiasutrader | May 05, 2016