Down but not out Shariah-compliant
Maintain Buy. New jobs on tender is down to RM4b from RM10b three
months ago. Nonetheless, the positives are that the current order book
will last into 3Q 2013 while the property development business has
chalked up extremely strong sales providing the earnings sustainability.
Contributions from property investment will also receive a step-up from
2012 coming from the Paradigm mall. We maintain our forecasts and
SOP-based target price of RM2.75. Moving into 2012, we think that
WCT continues to stand a good chance in clinching major job wins.
Maybank research (21 November 2011)
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