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DATE: 13 NOVEMBER 2017
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THE STOCK & TARGET
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WCT [ RM1.67 ] - 1st TP - RM1.85 / 2nd TP - RM2.20
"If you want big money.. Dont miss this real baby. This is my 3rd new baby..I strongly believe will turn to purely kaboom" - Kim Spartan
1. INARI (RM2.00 called ----> RM2.92 ----> wait my TP) - https://klse.i3investor.com/blogs/spartan/134234.jsp
2. MYEG (RM1.95 called ----> wait my TP) - https://klse.i3investor.com/blogs/spartan/137884.jsp
3. WCT (RM1.68 called ----> wait my TP) - https://klse.i3investor.com/blogs/spartan/137757.jsp
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THE PROFILE
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WCT Group was first established with the incorporation of WCT Earthworks & Building Contractors Sdn Bhd on 14 January 1981 and subsequently changed its name to WCT Berhad (“WCTB”). WCTB was listed on the Main Market of Bursa Securities and was one of the FBM100 Component Stocks before the WCT Group undertook an internal reorganisation in year 2013. Following the successful internal reorganisation of WCT Group on 8 July 2013, WCTB had transferred its listing status on the Main Market of Bursa Securities to WCT Holdings Berhad (“WCTH”) (Company No. 930464-M). Consequently, the WCT Group’s various business operations have now come under WCTH.
WCTH is an investment holding company with an investment in two main subsidiaries, WCTB and WCT Land Sdn Bhd which are primarily involved in engineering and construction, property development and investment & management activities.
WCT Berhad
Engineering and Construction Division – the principal activities of the division are engineering works specialising in earthworks, construction of highways, building and related infrastructure works and provision of management services.
WCT Land
Property Development and Investment & Management Division - the division is mainly engaged in the development of residential properties, integrated townships and commercial properties. It is also engaged in the ownership and management of hotels, shopping malls and concession assets.
From a humble beginning in 1981 as a one-machine company involved in earthworks, WCT has grown to the size, scope and strength it has today and in the process, evolved into a global brand, recognised for its ability to deliver world-class quality. Over the years, the company has grown to be one of Malaysia’s leading engineering & construction companies and property developers.
Its scope of engineering and construction expertise covers F1 racing circuits, airports, dams and water supply schemes, expressways and highways, civil works, interior fit-out works and monumental buildings such as shopping complexes and government administrative centres.
The company’s property development and investment & management portfolio includes townships, luxury homes, high-rise residences, industrial properties, offices, integrated commercial developments, concessions, hotels and shopping malls. WCT currently has a land bank of approximately 924 acres in Malaysia.
The Group owns and operates Première Hotel, Klang and owns 3 shopping malls – Bukit Tinggi Shopping Centre in Klang, Paradigm Mall in Petaling Jaya, and the integrated complex – gateway@klia2 in Sepang Selangor. The modern gateway@klia2 is the Group’s third retail project and is part of the long-term concession with Malaysia Airport Holdings Berhad. The Group’s fourth shopping mall, Paradigm Mall in Johor Bahru is expected to be opened in the last quarter of 2017.
With a workforce of over 2,000 people, the Group’s global presence can be seen in 6 countries ranging from Malaysia and Qatar, to UAE, Bahrain, India and Vietnam.
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THE KEYNOTE
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WCT (JAN) - WCT Holdings Bhd is proposing a placement of 125 million shares to raise about RM212.5 million, based on indicative issue price of RM1.70 per share.
WCT (JAN) - Valued company: Based on Bursa filings, Lembaga Tabung Haji has a 9.83 stake in WCT followed by EPF with 8.03, Skim Amanah Saham Bumiputera with 6.29 and KWAP with 6.3. The company’s move to do a private placement could see entry of strategic partner. The decision by WCT Holdings Bhd to carry out a private placement exercise so soon after a major shareholding change in the company has raised eyebrows. And going by the large institutional shareholding in the company, industry observers say that a rights issue, which would not be dilutive to any one of those large fund investors, may be a more suitable option. On the other hand, it is speculated that the placement will be to a strong strategic partner who will come to add value to WCT.
WCT (FEB) - Analysts are generally neutral on WCT Holdings Bhd’s plan to de-gear its balance sheet and to boost its construction business portfolio for a more resilient growth. The construction and property development company expects to improve its financial standing as it plans to de-gear its balance sheet by monetising its assets and inventory.
WCT (FEB) - WCT Holdings Bhd’s order book currently stands at RM5 billion, an all-time high which translates into a strong cover ratio of 3.2 times on financial year 2016 (FY16) construction revenue. Looking ahead, management is targeting to add RM2 billion in new job wins this year. It has submitted RM2.5 billion in tenders and has another RM2.5 billion to RM3 billion which is under preparation.
WCT (MAR) - WCT Holdings Bhd has been slapped with an arbitrary suit over RM130.56 million from a former subcontractor for its joint venture (JV) development in Dubai. WCT’s Dubai branch office is the second of two respondents for the request for arbitration by Triumpher Steel Construction Group LT (TSC), which it received on Monday. The first respondent is WCT’s 50:50 unincorporated JV partner, Arabtec Construction LLC.
WCT (MAR) - WCT Holdings Bhd’s first tranche of placement shares totaling RM100.45 million units, has been fixed at RM1.77 per unit after a book-building exercise.
WCT (APR) - WCT Holdings Bhd has clinched a RM185.9mil contract from Prasarana Malaysia Bhd to build the Johan Setia depot and undertake associated works under the Light Rail Transit Line 3 (LRT3) project.
WCT (APR) - WCT Holdings Bhd proposed a share dividend on the basis of one treasury share for every 165 existing units to reward the construction firm's shareholders.
WCT (APR) - WCT Holdings Bhd's Paradigm Mall Johor Bahru, which is expected to be opened by November 2017, is seen achieving full occupancy by 2018. WCT managing director Datuk Lee Tuck Fook and chief executive officer for retail Selena Chua said the retail property had so far secured a 75% occupancy rate. The property has a net lettable space of 1.3 million sq ft within a built up area of 2 million sq ft.
WCT (MAY) - WCT Holdings Bhd's net profit increased 3.7 times to RM33.08 million or 2.64 sen per share in its first quarter ended March 31, 2017 (1QFY17) from RM8.83 million or 0.72 sen per share a year ago, mainly due to strong contribution from the local construction division. Quarterly revenue, however, fell 2.4% to RM473.39 million in 1QFY17, from RM484.96 million in 1QFY16.
WCT (JUN) - Construction and property player WCT Holdings Bhd said it expects to realise plans to list a real estate investment trust (REIT) before year end, after the group has tidied its assets. "The plan is to realise it within this year, we are in consultation with our investment bankers and the authorities. "There will be things that we need to do to tidy up the assets before we can launch the REIT but the plan is to get everything done before the end of the year," said WCT group managing director Datuk Lee Tuck Fook. The REIT will have over RM1 billion in assets, with the REIT to start off with WCT's own assets.
WCT (JUL) - WCT Holdings Bhd has reached a preliminary view that subject to formal legal opinion, it has good grounds to defend and oppose three companies' claims for 181.57 million riyals (RM214.12 million) over payment for a government project in Doha, Qatar, where it was the main contractor.
WCT (AUG) - WCT Holdings Bhd has bagged a contract worth RM840 million for the construction and completion works relating to Light Rail Transit Line 3 (LRT3) from Bandar Utama to Johan Setia. WCT said its wholly-owned subsidiary WCT Bhd accepted the Letter of Acceptance (LoA) by Prasarana Malaysia Bhd, and the works are expected to be completed within 33 months from the date of the LoA.
WCT (SEP) - WCT told Bursa Malaysia that its unit WCT Bhd had secured a RM199.5mil job to build elevated stations at Kuchai Lama and Taman Naga Emas, Kuala Lumpur.
WCT (OCT) - WCT Holdings Bhd said it has accepted another Light Rail Transit Line 3 (LRT3) job, for a contract sum of RM640 million. WCT said it had accepted the Letter of Acceptance (LOA) issued by Prasarana Malaysia Bhd to undertake and complete the guide way, stations, park and ride,ancillary buildings, and other associated works of LRT3, from Bandar Utama to Johan Setia (Package GS02).
WCT (OCT) - WCT Holdings Bhdis planning to sell a further RM242mil worth of new shares to investors it has yet to identify, the company said in a filing with Bursa Malaysia. This is the construction firm’s second fund-raising exercise so far this year.
WCT (OCT) - WCT Holdings Bhd is expected to list its real estate investment trust (REIT) in mid-2018, after it had had delayed the listing of the property trust that was scheduled by end-2017, according to Affin Hwang Investment Bank Bhd (Affin Hwang IB).
WCT (OCT) - Most investors were surprised by WCT Holdings Bhd’s second proposed private placement of up to 10% of share capital. We understand that the private placement was proposed on concern that most of the outstanding WCT-WD warrants are not converted until they expire on Dec 11, 2017. WCT targets to reduce its net gearing to 0.5 times to 0.6 times from 0.85 times currently by mid-2018. We reiterate our “buy” call with a TP of RM2.46. WCT’s proposed private placement of up to 140 million new shares (10% of share capital) came as a surprise.
WCT (NOV) - "Big announcment on the way this month" - Kim Spartan
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THE FINANCIAL
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Regards,
Kim Stockwatch
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