- Maintain Buy. WCT's proposed bonus and free warrant issue will help to improve its shares liquidity with smaller value tradeable lots and strengthen its balance sheet as the warrants are exercised. It will also provide cheap equity funding for working capital. We retain our Buy call on WCT with an unchanged MYR3.15 SOP-based TP (15x 2012 earnings plus a 20sen increment from the KLIA2 IC concession).
Source: Maybank Research - 7 Sept 2012
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