Second sizeable win in just two weeks. A RM331m job win has lifted WCT’s
outstanding order book by 11% (24% YTD) to RM3.3b. Job win momentum has
been very encouraging so far, and we expect more positive newsflow
riding on a tender book of at least RM4b. We retain our earnings
forecasts, having imputed job win assumptions. WCT remains a Buy with a
SOP-based TP of RM3.15 (15x 2012 earnings plus 20sen increment from the
KLIA2 IC concession).
Maybank Research 23 Feb 2012
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