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By OSK Research Monday, 23 August 2010 15:16

Nothing New During the company’s briefing last week, management clarified a few matters. It said it has appointed a consultant to investigate Sime Darby’s alleged cost overruns and maintains that no further provisions are needed. In the Middle East, WCT is awaiting the results of 2 tenders and is bidding for the Dukhan H’way extension. In Sabah, the water supply job may be delayed to next year. Overall, its orderbook guidance is maintained at RM2bn for FY10. We make no changes to our estimates. Maintain NEUTRAL with RM2.89 TP. Status of Bakun. It remains unclear if Sime Darby’s (SELL, TP: RM6.74) provision was due to: (i) losses at the MCH level, or (ii) losses incurred solely by Sime as a subcontractor to MCH. A consultant has been engaged to investigate the alleged cost overruns by Sime. Based on the 2009 MCH audited accounts, its retained losses stood at RM368m, in which WCT has provided for. No additional work has been undertaken by MCH since the  audited accounts. Management maintains that there is no need for further provisions. Middle East jobs. We gather that WCT was close to bagging a job in Qatar (building) and Abu Dhabi (bridges) but has returned to renegotiate the contract value with the clients  and is awaiting a response. Apart from that, the Gamuda-WCT JV is also eyeing the 17km Dukhan Highway extension (~RM1bn) job. Water supply job delayed. Management previously guided that it may secure ~RM1bn of the RM2.8bn Sabah water supply project by 2H this year. It has now revised its guidance that this would be for next year (no indication of which quarter). We gather that the Environmental Impact Assessment has been submitted and it is in discussions with some banks on financing. We believe the delay could be related to the rejection by the Dept of Environment last week of proposals for the Lahad Datu power plant on environmental grounds (See our Tenaga Nasional report released last Friday). Orderbook guidance. WCT continues to guide for RM2bn in new jobs for FY10 (RM234m secured thus far). We understand that a new contract could be awarded within the next 3 months. Domestically, WCT is looking at the remaining packages of the LCCT, which could possibly involve some integration with the main terminal. Tenders for the Kelau Dam (RM200m) have also been submitted. Tenders for the LRT extension will close by the end of the month and WCT will be submitting a bid. Land acquisition. There are plans to acquire land parcels in Ho Chi Minh (HCM), Vietnam to develop mid-high end condominiums. We understand that the land will be located close to the well known Phu My Hung township. In Malaysia, WCT also intends to buy some land in the Klang Valley. The acquisition will be funded via the RM600m bonds raised. VALUATION & RECOMMENDATION Maintain NEUTRAL, RM2.89 TP. Overall, we feel that the analyst briefing unveiled a few significant new developments. Our earnings forecasts are retained, with our TP based on 14x FY11 earnings. At best, we think that WCT’s FY10 earnings will come in flat y-o-y (-0.6%). WCT currently trades at 15x FY10 earnings and 13.7x FY11, which we feel is fair. In our view, continued uncertainty at Bakun could weigh down any upside potential to its share price. Maintain NEUTRAL. EARNINGS FORECAST