not vested
WCT Holdings
ADD, TP RM1.38, RM1.12 close
WCT trades at FY19F P/BV of 0.6x, representing a 40% discount to the average 0.99x P/BV valuation for stocks under our coverage.
For WCT, the recovery of rail tenders should bode well for the group’s job replenishment outlook.
Its outstanding order book of RM6.5bn at end-2018 provides earnings visibility.
Source: CIMB