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NewsCIMB Research keeps WCT a Trading Buy (9679)
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CIMB Research keeps WCT a Trading Buy (9679)
by hlk Fri 13 Jul 2012, 13:56
KUALA LUMPUR: CIMB Equities Research said the award of a RM391mil road project to WCT Bhd could signal that job flow recovery is underway.
“This reinforces our positive view on the stock. More awards in the coming months, including a likely sizeable overseas job, should revive interest in the stock,” it said on Friday.
CIMB Research said this award did not affect its numbers as the contract was part of the RM1.5bil new contracts it had assumed for FY12.
“Our target price is still based on a 30% RNAV discount. The stock remains a Trading Buy and not an Outperform due to election risks. WCT remains one of our top sector picks. Key catalysts are job wins,” said the research house.
“This reinforces our positive view on the stock. More awards in the coming months, including a likely sizeable overseas job, should revive interest in the stock,” it said on Friday.
CIMB Research said this award did not affect its numbers as the contract was part of the RM1.5bil new contracts it had assumed for FY12.
“Our target price is still based on a 30% RNAV discount. The stock remains a Trading Buy and not an Outperform due to election risks. WCT remains one of our top sector picks. Key catalysts are job wins,” said the research house.
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