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By MIDF Reaserch Friday, 20 August 2010 16:12

INVESTMENT HIGHLIGHTS •  Profit came in short of expectation. WCT recorded a net profit of RM68.7m for 1H10, down -15%yoy and -3.4%qoq. Meanwhile, 1H10 turnover  dropped  57%  yoy  due  to  lower  recognition  from  its construction division. The numbers accounted for about 40% of our full year estimate of RM175m. •  Earnings recovery on the horizon. We expect earnings to recover in  the  subsequent  quarters  as  its  ongoing  jobs  should  pick  up momentum,  including  the  New  Doha  International  Airport,  Qatar, Medini  Iskandar  earthworks,  Sepang  LCCT  earthworks  and  also BCC hotel fits out. •  Higher margin in 1Q10. WCT recorded higher construction margins in 1H10 arising from billings recognised. Moving forward, we expect construction margins  to  range between 13-15% as compared  to 8-10% in 2009.  •  Orderbook  remains  strong.  The  group  continued  to  aggressively bid  for new  jobs, both overseas and domestic  in order  to  replenish its  existing  orderbook  of  RM3.2b.    WCT  is  bidding  for  jobs  in overseas  markets  as  well  as  domestic  especially  in  Iskandar Malaysia, Johor and a major water infrastructure work in Sabah. •  Risk factors. The main risk factor is the slump in construction works and  poor  billing  progress  that  could  put  a  dampener  to  a  stronger earnings recovery. •  No  change  in  our  forecast.  With  the  expectation  of  earnings recovery, we have retained our forecast for FY10 and FY11 despite the result being below than our estimates. •  Maintain BUY call. We maintain our  target price of RM3.30, with a potential upside of 20.2% (including dividend yield of 3.2%) from its current  share  price  of  RM2.82,  backed  by  positive  outlook  in  the construction sector and WCT’s proven track record in securing jobs, both domestic and in the Middle East. INVESTMENT STATISTICS KEY RESULT POINTS Profit came  in short of expectation. WCT recorded a net profit of RM137.4m for 1H10, down 15% yoy and  -3.4% qoq. Meanwhile, 1H10 turnover dropped 57% yoy due to lower recognition from its construction division.   Earnings  recovery  on  the  horizon.  In  terms  of WCT’s  segmental  breakdown,  it  posted  yoy  decline  of  44%  in revenue from its civil engineering & construction (E&C) division, while property contribution revenue fell 45% yoy due to  the  sluggish  demand  for  its  property. However, we  expect  earnings  recovery  in  the  subsequent  quarters  as  its ongoing  jobs  should  pick  up momentum which  include  the New Doha  International Airport, Qatar, Medini  Iskandar earthworks, Sepang LCCT earthworks and also BCC hotel  fits  out. For  this FY, we  estimate a net  profit growth of 19%, backed by its construction and property divisions. On its property division, WCT has a total GDV of RM4b, which have yet to be launched.   Higher margins  in  1Q10. WCT  recorded  higher  construction margins  in  1H10  arising  from  billings  recognised  for major jobs which include Abu Dhabi F1.  Moving forward, we expect construction margins to range between 13-15% as compared to 8-10% in 2009.  Orderbook remains strong. The group continued to aggressively bidding for new jobs, both overseas and domestic in  order  to  replenish  its  existing  orderbook  of  RM3.2b.   WCT  is  bidding  for  jobs  in  overseas markets  as  well  as domestic especially in Iskandar Malaysia, Johor and a major water infrastructure work in Sabah. We believe that WCT would remain its 50:50 split between local jobs and the Middle East contracts. No change in our forecast. With the expectation of earnings recovery, we retained our forecast for FY10 and FY11 despite the result being below than our estimates. RISKS The main risk factor is the slump in construction works and poor billing progress that could put a dampener to a stronger earnings recovery. VALUATION Maintain BUY call. We maintain our target price of RM3.30, with a potential upside of 20.2% (including dividend yield of  3.2%)  from  its  current  share  price  of RM2.82,  backed  by  positive  outlook  in  the  construction  sector  and WCT’s proven track record in securing jobs, both domestic and in the Middle East.