WANT TO BE A SPARTAN?
DATE: 12 MARCH 2018
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THE STOCK : WCT
WCT Holdings Berhad
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- Kim
WCT (JAN)
- WCT Holdings Bhd and the Employees Provident Fund (EPF) opened the New World Petaling Jaya Hotel at the Paradigm Integrated Development in Kelana Jaya.The hotel is managed by New World Hotels & Resorts, which is one of the brands under Rosewood Hotels & Resorts, owned by Hong Kong-based New World Development, and is its first property in Malaysia.
WCT (FEB)
- Billionaire tycoon Tan Sri Desmond Lim Siew Choon is looking to buy 60% of Subang Skypark Sdn Bhd from Tan Sri Ravindran Menon and his partner Datuk Aisamar Kadil Mydin Syed Marikiah, sources say. Subang Skypark has a long sub-lease concession agreement with Malaysia Airports Holdings Bhd (MAHB), to operate the city airport terminal and integrated commercial and business aviation hub at the Sultan Abdul Aziz Shah Airport in Subang, Selangor.
- WCT Holdings Bhd’s net profit soared around 17 times to RM59.27 million in its fourth quarter from RM3.51 million a year ago, thanks to stronger revenue and a near six-fold rise in its other income.Revenue for the quarter ended Dec 31, 2017 (4QFY17) grew 28% year-on-year to RM579.4 million from RM453.17 million. According to its income statement filed with Bursa Malaysia yesterday, its other income jumped to RM248.67 million from RM42.38 million last year. The group proposed a final single-tier dividend of three sen per share in respect of FY17, subject to shareholders’ approval. If approved, the three sen payout is higher than the total 1.25 sen it recorded in FY16. For its full FY17, WCT’s net profit jumped 126% y-o-y to RM154.62 million from RM68.38 million, though revenue slipped 1% y-o-y to RM1.91 billion from RM1.93 billion.
2017
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.
- 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 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 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 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 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 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 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).
- 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.
Created by sparta | Mar 20, 2022