Good start for the year. A RM300.5m job win has lifted WCT's
order book by 11% to RM2.97b, we estimate. This provides some comfort on
near-term earnings visibility after very small job wins in the whole of
2011. We maintain our earnings forecasts having imputed job win
assumptions for 2012. No change to our sum-of-parts target price pegged
to 13x 2012 earnings plus 20sen value increment from KLIA2 retail
concession. The stock remains a Buy.
Maybank Research 9 Feb 2012
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