WCT: Maintain Buy - 1H12: No Surprises

• Maintain BUY. WCT's 1H12 net profit of MYR80m (+6% YoY) was in line, at 46% of our full-year forecast.
• The results however met just 42% of consensus FY12 estimates. We expect 2H to be stronger, particularly owing to new rental income from Paradigm which was opened in May 2012.
• We maintain our earnings forecasts and BUY call with an unchanged SOP-based target price of MYR3.15 (15x FY12 earnings plus a 20sen increment from the KLIA2 IC concession).

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Source: Maybank Research - 16 August 2012