Maintain Buy. WCT's recent job win to widen a stretch of the
Nilai-Seremban highway for MYR391m has lifted its job wins year todate
to MYR1.1b, and its outstanding construction order book to MYR2.87b
(+16%). This raises its earnings visibility - we estimate MYR29m net
profit (3.5sen EPS) contribution into end-2014. We however maintain our
forecasts which have imputed job win prospects. WCT is still 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 - 13 July 2012
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