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By AmResearch Friday, 20 August 2010 14:27

WCT BHD • WCT Bhd (WCT) reported 2QFY10 net profit of RM34mil, taking 1HFY10 net profit to RM69mil. Excluding potential provisions arising from the Bakun Hydroelectric dam project, group’s performance at half time constituted 43% to 45% of both consensus as well as our full-year estimates. We consider this to be in line with expectations on account of a stronger 2H. WCT declared an interim dividend/share (DPS) of 5 sen – similar to its payout a year ago. For FY10F, we are projecting a DPS of 10 sen or gross yield of 3%.   • As guided previously, WCT’s 2QFY10 earnings dipped 3% QoQ despite a 27% surge in construction billings. This was due to a normalisation of construction margins (9.3% in 2QFY10 versus 11.8% in 1QFY10) following completion of backfilled claims for the Abu Dhabi F1 project in the previous quarter. Flipside, construction earnings should improve in 2H due to higher recognition for new jobs secured (e.g. new LCCT infrastructure works). • We understand WCT’s proposed capital raising exercise – involving RM600mil serial fixed rate bonds and up to 181 million new detachable warrants – is slated for completion by year-end. Latest fund raising exercise appears to be a pre-emptive move to build its war chest to spur order book growth – including domestic projects to be undertaken under the Public-Private Partnership (PPP) mode. • WCT is among the contractors that are pre-qualified for the RM7bil Klang Valley LRT extension works – and is looking to crystallise RM1bil worth of works for a dam project in Sabah by year-end. We also understand that the group is in advanced negotiations for a Middle East infrastructure job – where a decision could be known soon. YTD, WCT has only secured RM221mil worth of new contracts against its orderbook target of RM2bil. • But we expect WCT’s share price performance to continue being weighed down in the near-term on: (1) Continued uncertainties surrounding potential provisions surrounding the Bakun project; and (2) Dilutive impact from proposed new warrant issue of up to 181 million WCT shares (estimated at 5%- 6% over FY11F-12F). • Flipside, there is no significant impact on WCT’s investments in Vietnam following the Vietnamese Government’s latest move to devalue the Dong just three days ago. WCT’s total investments in Vietnam to date are fairly negligible at less than US$1mil – while construction works are only expected to start in 2011. Furthermore, we have not included any contributions from Vietnam in our fair value of RM3.03/share for WCT (based on unchanged 5% discount to its Sum-Of-Parts value).