Public Investment maintains "neutral" call on WCT
Updated: Jul 18, 2018
KUALA LUMPUR: Public Investment Bank has maintained its ‘Neutral’ recommendation on WCT Holdings Bhd following its newly-secured building job from Lendlease Projects (M) Sdn Bhd yesterday.
The job award is for the proposed commercial mixed development on Plot 1 within the Tun Razak Exchange (TRX) with a contract sum of RM555 million.
This contract, the group’s first in financial year 2018 (FY18), is within the job replenishment rate target of RM2 billion.
“Outstanding orderbook is now estimated in excess of RM5.5 billion, ensuring revenue visibility for the next two to three years.
“Our earnings estimates are kept unchanged for now. Given the state of flux currently, we still maintain our Neutral recommendation,” the research house said in a note today.
Public Investment has placed a target price of RM1.00 for WCT.
At 9.32 am, WCT rose six sen to 89 sen with 14.73 million shares changing hands.