Friday, October 21, 2011

WCT advances in early trade

KUALA LUMPUR: WCT BHD [] shares rose in early trade on Friday, Oct 21 after Maybank IB Research maintained its Buy rating on the stock and said WCT's recent acquisition of a 189.3 ha piece of land in Rawang would positively allow it to diversify its property development business away from Klang, to an upcoming and growing piece of real estate in northern Klang Valley.

At 9.30am, WCT rose 12 sen to RM2.45 with 360,200 shares traded.

In a note Oct 21, Maybank Research said there is no indicative GDV just yet for WCT's latest property development, adding that the research house's earnings forecasts for WCT were unchanged for now.

'WCT remains a Buy with an unchanged SOP-based target price of RM3.08 (13x 2012 PER plus 20sen value enhancement from the KLIA IC2 concession),' said Maybank Research.

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