HLIB Research upgrades WCT to Hold, target price RM1.73

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KUALA LUMPUR (May 26): Hong Leong IB Research has upgraded WCT Holdings Bhd to “Hold” with a higher ex-rights target price of RM1.73 (from RM1.72) and said WCT’s 1Q earnings stood at RM33 million (down 17% year-on-year) which was boosted by forex gains that were above expectations.

In a note today, the research house said year-to-date job wins at RM868 million, orderbook of RM2.6 billion implies cover of 2.3x.

“Property sales in 1Q totaled RM127 million, unbilled sales at RM658 million, offering cover of 1.7x.

“Upgrade to Hold, target price: RM1.73 ex rights,” it said.