KUALA LUMPUR (Jan 18): RHB Research Institute Sdn Bdh has upgraded WCT Holdings Bhd (WCT) to “Buy” at RM1.66 with a higher target price of RM2.18 (from RM1.62) and said the upgrade is premised on WCT’s outstanding construction orderbook of RM6 billion – a record for the company – which would keep it busy for the next three years.

In a note today, the research house said WCT stands a good chance of securing a further RM2 billion worth of jobs in FY18, with the commencement of works for major projects such as the East Coast Rail Line (ECRL) and Pan Borneo Highway.

“In our opinion, there also could be further upside to WCT’s property division, as the new management team applies their expertise,” it said.