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BIMB Securities upgrades WCT to Buy, target price RM2.41

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BIMB Securities upgrades WCT to Buy, target price RM2.41 Empty BIMB Securities upgrades WCT to Buy, target price RM2.41

Post by Cals Wed 23 Jul 2014, 13:07

BIMB Securities upgrades WCT to Buy, target price RM2.41
Business & Markets 2014
Written by theedgemalaysia.com   
Wednesday, 23 July 2014 09:25

KUALA LUMPUR (July 23): BIMB Securities Research has upgraded WCT Holdings Bhd to a Buy at RM2.17 with an unchanged target price of RM2.41 after WCT secured a project from Petronas Refinery and Petrochemical Corporation SB for the Construction Access and Permanent Roads (Package 20C1) within the RAPID Site at Pengerang, Johor worth about RM341.9 million.
In a note Wednesday, the researh house said it was Neutral with the contract as it had imputed the amount into its FY14 orderbook replenishment assumption, hence, no change to earnings projection.
“We maintain our target price for WCT at RM2.41 but upgrade our call to Buy.
“Assuming a margin of around 8%, the project should contribute around RM6.8 million – RM12.3 million to its FYE14- 16 bottomline,” it said.
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