KUALA LUMPUR: WCT BHD []'s shares advanced on Thursday, Oct 21 after MIDF Research maintained its buy recommendation on WCT Bhd at RM3.11 and raised its target price for the stock to RM4.24.
At 9.10am, WCT was up 17 sen to RM3.28 with 493,800 shares done.
On Wednesday, WCT said it had secured two separate contracts in Qatar and Malaysia for a total of approximately RM1.49 billion.
MIDF Research said WCT's order book ballooned to RM4.4 billion and was still growing after the company landed a RM1.36 billion project in Doha and another RM127 million hospital project in Tuaran, Sabah.
MIDF Research said it was revising its forecast for WCT to take into account the income from the CONSTRUCTION [] of the new contracts, adding it was looking at a possibly higher replenishment target for 2011, as it expects more new domestic-based jobs to awarded in the near future.
"As outlined in the 2011 Budget and the ETP, potential awards include packaged for (i) Klang Valley LRT extension, (ii) Langat 2 water treatment plant, (iii) various highway projects.
"We are of the opinion that more news flow on potential awards could intensify in the next 12 months," it said in a note on Thursday, Oct 21.
At 9.10am, WCT was up 17 sen to RM3.28 with 493,800 shares done.
On Wednesday, WCT said it had secured two separate contracts in Qatar and Malaysia for a total of approximately RM1.49 billion.
MIDF Research said WCT's order book ballooned to RM4.4 billion and was still growing after the company landed a RM1.36 billion project in Doha and another RM127 million hospital project in Tuaran, Sabah.
MIDF Research said it was revising its forecast for WCT to take into account the income from the CONSTRUCTION [] of the new contracts, adding it was looking at a possibly higher replenishment target for 2011, as it expects more new domestic-based jobs to awarded in the near future.
"As outlined in the 2011 Budget and the ETP, potential awards include packaged for (i) Klang Valley LRT extension, (ii) Langat 2 water treatment plant, (iii) various highway projects.
"We are of the opinion that more news flow on potential awards could intensify in the next 12 months," it said in a note on Thursday, Oct 21.
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