Maintain Buy. WCT's second win from Vale has lifted its outstanding
construction order book to MYR2.48b (+3%). This is positive for earnings
visibility, but we maintain our forecasts which have imputed job win
expectations. WCT remains a Buy with an unchanged MYR3.15 SOP-based
target price (15x 2012 earnings plus a 20sen increment from the KLIA2 IC
concession).
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Source: Maybank Research - 8 June 2012
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