AmResearch maintains a Buy call on WCT Engineering at RM1.26 and a fair value of RM1.80 as it describes the company as a construction laggard with deep values.
In a research note issued on April 6, it was maintain a Buy on WCT with lower fair value of RM1.80 per share. This was based on an unchanged 5% discount to its revised sum-of-parts value of RM1.88 per share. This included lower property sales and FY08 fine-tuning.
AmResearch said WCT aimed to step up its order book replenishment in the Middle East and Malaysia, where the group has targeted to clinch RM1 billion new contracts in 2009.
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