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Company Update – WCT (BUY, maintain) - Good earnings visibility and deeply undervalued




Affin Hwang Investment Bank Bhd


05 Mar 2013





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Targeting RM1bn-RM2bn of new contracts in 2013 After the disappointment in 2011, WCT bounced back strongly in 2012 with new contract wins totalling ~RM1.9bn. For this year, the group is targeting RM1bn- RM2bn of new contracts. With the large number of ETP projects likely to take off after the 13th general election, we believe the target set by management is achievable. Key contracts the group is bidding for include Kwasa Damansara Land Civil Works, Sabah Hospitals, Langat 2 WTP, and the long-delayed KK Water Supply Scheme (see Fig 1 next page). Overseas, the tender for Phase 3 of the Batinah Expressway in Oman is worth ~RM1bn. Focus on projects in Malaysia however reduces operating and currency risks. Outstanding external jobs of RM3.1bn are to be completed by 4Q2015 (see Fig 2).

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