WCT

WCT

Postby winston » Mon May 30, 2011 9:59 am

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WCT Bhd [WCT MK] - Neutral : Strong underlying performance from property, RM2bn order win target maintained ( RM3.04 / PT: RM3.4 )
Tanuj Shori; Muzhafar Mukhtar

WCT announced in-line results, with 1Q net earnings accounting for 22% of consensus FY11 estimates.

Margins rose sharply across property investment, and more modestly for construction.

Guidance for the rest of the year remained upbeat, with RM2bn in new contract wins for FY11 and property gaining more traction as well as a greater proportion of earnings.

However, we remain neutral, in line with our muted stance on the sector (on risk reward and valuations) as we do not think the earnings performance can surprise on the upside in near to medium term.


Source: Nomura
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Re: WCT

Postby winston » Sat Oct 25, 2014 11:27 am

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AmResearch maintains ‘buy’ call on WCT
24 OCTOBER 2014

AMRESEARCH Sdn Bhd has maintained “buy” call on WCT Holdings Bhd, following its purchase of 89.4ha of freehold land in Serendah, Selangor, for RM115 million.

This works out to RM12 per sq ft, or about six times the RM2 per sq ft price that the group had paid for a larger plot in Serendah in 2011.

“We believe the pricing for the latest acquisition is fair, given its mid- to -long-term earnings potential. The existing parcel measuring 186.9ha is next to this new parcel of land,” AmResearch said in a report to investors yesterday.

WCT would have access to about 275.9ha of combined sizeable development land in Serendah that can be carved into commercial or residential developments.

AmResearch highlighted that WCT has the financial might to fund this purchase and future development.

Unlike its peers, WCT is beefing up its landbank during the current property lull.

The analyst said WCT’s other key challenge in the near term is ramping up its order book prospects, which has been disappointing in recent months.

Similarly, all eyes will be on the performance of Gateway@klia2 in the coming months.

AmResearch expects the construction stock’s share price to rise as high as RM2.68, which is pegged at a 15 per cent discount to its sum-of-parts value.

WCT is now trading at around RM2.07.

Source: NST
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Re: WCT

Postby winston » Thu Oct 30, 2014 7:12 pm

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RHB Research maintains Buy on WCT

KUALA LUMPUR: RHB Research has maintained its Buy call on WCT with a target price of RM2.65 based on a 14 times CY15E EPS.

In a note on Thursday, the research house said WCT's unit bagged a contract from Boustead Ikano for all the works relating to Contract No WP2014 Main Contract Package for the proposed shopping centre at Jalan Cochrane.

The total accepted fixed price lump sum contract value is RM651.6mil. This new contract is the second major external job secured by the group in 2014. In July, WCTHG secured a RM342mil road contract within the Rapid site in Pengerang.

It said that total external contract wins in YTD2014 is now almost RM1bil, the lower end of management’s target of RM1bil-RM2bil.

"Tender book remains large and WCTHG is poised to secure more external contracts in the following quarters. We continue to believe that its share price has largely discounted low investor expectations on new contract wins," it said.

With the new contract, WCT's outstanding construction order book isestimated at around RM3.3bil – enough to sustain E&C billings for around 2.5 years.

Source: The Star
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Re: WCT

Postby winston » Sun Jan 03, 2016 9:32 am

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VINCENT KHOO
UOB KayHian Research
Stock pick: WCT Holdings Bhd


WITH RM2.8bil worth of jobs secured last year, WCT Holdings Bhd’s order book makes up 4.1 times of its 2014 construction income.

Besides the decade-high order book of RM5bil, margins for the outstanding jobs are also higher due to the slew of infrastructure contracts that could bring its pre-tax margins to between 5% and 8%.

The upcycle seen in the construction industry is among the few main reasons that WCT is one of UOB KayHian Research’s top picks. UOB KayHian sees earnings contribution from its bread and butter construction arm, which should come in as early as the first quarter.

There could be upside surprises if the company clinches more contracts going forward. It is tendering for construction jobs worth RM4.9bil.

Following the paring down of its stake in the 608 acres in Serendah to UEM Sunrise Bhd in December, there is the possibility of more asset monetisation in future.

WCT is in active discussions to unlock the value of its investment properties through a real estate investment trust structure, which could start with the Bukit Tinggi Shopping Centre and the Paradigm Mall in Kelana Jaya.

Both have a combined value of RM853mil and earnings before interest, taxes, depreciation and amortisation of RM70mil.

Another catalyst is the RM1bil cash settlement that it could recover from the arbitration case in Dubai for the next two to three years.

Source: The Star
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Re: WCT

Postby winston » Wed Apr 04, 2018 8:37 am

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Trading Buy: WCT-9679
(Last price: RM1.20, Potential upside +25.0%)

Company Profile
• WCT is involved in construction, property development and owns malls such as the Paradigm chain and Gateway@klia2

Trading Catalyst
• HLIB maintains a BUY rating with SOP TP of RM1.81, offers 33.7% upside.
• We like the stock amid its cheap valuations of 9.9x FY19 P/E and 0.54x P/B, supported by strong orderbook at RM5.4bn; unbilled sales stood at RM230m and guided for RM2bn new job wins for 2018.
• Limited downside risks amid steeply oversold levels with potential downtrend reversal towards RM1.33-1.50.

Technical View
• Resistance: RM1.33 / RM1.43 / RM1.50
• Support: RM1.16 / RM1.11
• Cut loss: RM1.09

Key Financial Stats
• Trading at undemanding 9.9x FY19 P/E, supported by FY17-19 earnings CAGR of 11% BVPS of RM2.22

Source: HLIB
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Re: WCT

Postby winston » Fri Apr 27, 2018 2:50 pm

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RHB Research upgrades WCT, raises target price to RM2.18

January 18, 2018

KUALA LUMPUR (Jan 18): RHB Research Institute Sdn Bdh has upgraded WCT Holdings Bhd (WCT) to “Buy” at RM1.66 with a higher target price of RM2.18 (from RM1.62) and said the upgrade is premised on WCT’s outstanding construction orderbook of RM6 billion – a record for the company – which would keep it busy for the next three years.

In a note today, the research house said WCT stands a good chance of securing a further RM2 billion worth of jobs in FY18, with the commencement of works for major projects such as the East Coast Rail Line (ECRL) and Pan Borneo Highway.

“In our opinion, there also could be further upside to WCT’s property division, as the new management team applies their expertise,” it said.

Source: The Edge

http://www.theedgemarkets.com/article/r ... rice-rm218
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Re: WCT

Postby winston » Fri Apr 27, 2018 2:54 pm

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Feb 27, 2018

Delay in degearing efforts

Looking to exit Qatar, focus on local jobs with target of RM2bn new wins this year

Property launches in FY18F remain fluid and dependent on market conditions

AEON legal suit to delay REIT and degearing efforts

Maintain HOLD and TP of RM1.73

Source: Alliance DBS
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Re: WCT

Postby winston » Fri Apr 27, 2018 2:56 pm

Feb 27, 2018

Valuation

Following the earnings revision, we lower WCT’s target price from RM1.64 to RM1.50, based on unchanged 16x CY18 construction earnings and 10x CY18 property earnings.

Downgrade the stock from HOLD to SELL.

Source: TA Securities
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Re: WCT

Postby winston » Wed May 23, 2018 7:53 pm

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WCT says higher margin civil works to sustain growth

by Izwan Idris


WCT has an impressive RM5bil order book that includes infrastructure and roadway projects at Tun Razak Exchange (TRX) - Bloomberg

WCT, the construction firm headed by executive chairman Tan Sri Desmond Lim Siew Choon, posted a 17% jump in net profit to RM38.38mil in the first quarter ended March 31.

Consensus estimate puts WCT full year earnings forecast at RM160mil.

Turnover in the first quarter climbed 14% to RM539.8mil, with the engineering and construction division contributing 83% to the total revenue and RM59mil in operating profit.

Analysts said WCT are involved in the Mass Rapid Transit (MRT) project and Tun Razak Exchange development.

“Looking ahead, we are expecting our engineering & construction division to continue to contribute strongly to the group’s financial performance building on our strong outstanding order book of over RM5bil comprising mainly higher margin civil and infrastructural works,” he said.

WCT share price ended the day down half a sen at 79.5 sen, hovering near its lowest level since March 2009. The stock had fallen 38% since Barisan Nasional lost the general election on May 9.

Desmond Lim, the single largest shareholder in WCT with close to a 20% stake in the company, had strong ties with the previous administration under Datuk Seri Najib Tun Razak.

Source: The Star

https://www.thestar.com.my/business/bus ... ii0lpzT.99
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Re: WCT

Postby winston » Thu May 24, 2018 11:18 am

Upgrade to BUY with lower SOP-derived TP of RM1.12

Current valuations of 0.4x BV, 8x PE and 29% discount to SOP are too cheap to ignore

1Q18 results met expectations but we cut FY18-19 earnings in view of the lack of new wins YTD

Focusing on internal and external building jobs

Source: DBS

https://researchwise.dbsvresearch.com/R ... VyaWRAQA==
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