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CIMB Research maintains Trading Buy on WCT (9679)

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CIMB Research maintains Trading Buy on WCT (9679) Empty CIMB Research maintains Trading Buy on WCT (9679)

Post by hlk Thu 28 Jun 2012, 12:02

KUALA LUMPUR: CIMB Equities Research is maintaining a Trading Buy on WCT Bhd and not an Outperform due to the political overhang on the sector. The target price remains at RM3.05.
It said on Thursday the potential rerating catalysts would be job wins, which could top RM1bil in the second half of 2012.
CIMB Research also said investors should not be too worried about the civil suit that Meydan LLC has filed against WCT over the completed Dubai race course project.
"This
is just a tactical move and can be contested," it said in a research
note, adding a sizeable financial impact on top of WCT's earlier
provisions was not likely.
"Our target price is still pegged to
30% RNAV discount. During yesterday's conference call, management
reassured us that its chances in the arbitration process are still
good," it said.
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