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HLIB Research upgrades WCT to Hold, target price RM1.41

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HLIB Research upgrades WCT to Hold, target price RM1.41

Post by Cals Wed 21 Oct 2015, 04:02

HLIB Research upgrades WCT to Hold, target price RM1.41

By theedgemarkets.com / theedgemarkets.com | October 20, 2015 : 8:22 AM MYT

KUALA LUMPUR (Oct 20): [size=16]Hong Leong IB Research has upgraded WCT Holdings Bhd ([You must be registered and logged in to see this image.] Valuation: 1.40, Fundamental: 0.45) to “Hold” with a target price of RM1.41 after the company secured RM755 million infra and road contract at TRX from 1Malaysia Development Bhd (1MDB) as well as acquiring 1.65 acres of land in TRX for RM223 million.

In a note today, HLIB Research said WCT’s year-to-date job wins were at RM1.8 billion, bringing orderbook to RM3.4 billion (3x cover ratio).

The research house said the acquisition price for TRX lands was “relatively” fair as it is within the range of recent transactions.

“Net gearing would nonetheless be stretched from 81% to 91% of a proforma basis.

“Upgrade to Hold, target price : RM1.41. Earnings visibility is enhanced but we are concerned on delivery and high net gearing,” it said.
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Cals: Administrator; Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
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Comments : â€œMy plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€d have been right perhaps as often as seven out of ten times.â€
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