Correction:
Hi ck, I think ur cal. is wrong. shud b as according to sifu sam, Premium : { (3.00+0.585) - 2.74 }/2.74 X 100 = 30.8 %It is not in the money.
Will you follow this TAIKO fund and buy? If I would buy, I will buy WCT -WB,
Current Price: 0.585
Conversion: 3.00
Mother: 2.74
Expiry: April 2013
Premium: ((2.74+0.585) - 3)/2.74 = 12 % ( Not Bad Hor)
Let see what osk say about WCT?
We recently brought WCT on a non deal roadshow to Singapore. Management is targeting an orderbook exposure of 50:50 to the domestic and Middle East markets respectively. Potential wins in the pipeline include:
(i) excess works for the Abu Dhabi F1 track,
(ii) 4 tenders in the Middle East,
(iii) ADB-funded highways in Vietnam,
(iv) a sizeable infra-based job in Sabah, and
(v) 2 hospital related jobs.
We raise FY10–11 earnings by 8%–10%. Maintain BUY, RM3.35 TP.
Maintain BUY, RM3.35 TP. Our FY09 numbers are relatively unchanged but we are raising our FY10–11 forecasts by 8%–10% on the back of:
(i) higher orderbook replenishment of RM1.75bn (from RM1.5bn) for FY10–11, and
(ii) higher construction margins. The potential catalysts over the next 12 months are:
(i) more contract wins,
(ii) a positive resolution to the Meydan arbitration case, and
(iii) new propertydevelopments.Our newly-revised TP of RM3.35 is based on 16x FY10 earnings (previously based on PER andP/BV).
The stock’s PER multiples of 12–14x on FY09–11 earnings are the lowest among the large cap contractors. Along with Mudajaya (BUY, TP: RM4.80), WCT is our top sector pick.
Written by Joseph Chin
Tuesday, 06 October 2009 15:52
KUALA LUMPUR: Kumpulan Wang Persaraan (KWAP) has emerged as substantial shareholder in WCT BHD [] with 39.68 million shares or a 5.11% stake.
Filings with Bursa Malaysia showed that KWAP had acquired the shares from the open market and as at Sept 30, it held a 5.11% stake.
A separate filing showed KWAP acquired another 1.19 million shares on Oct 1, increasing its stake to 40.87 million shares or 5.26%.
WCT closed at RM2.80 on Sept 30 and at RM2.76 on Oct 1.
The largest shareholder in WCT is the Employees Provident Fund Board with 25.55% or 198.56 million shares while Cash Carat Sdn Bhd holds 20.8% or 161.63 million shares, Temasek Holdings 4.96% or 38.52 million shares and Invesco HK Ltd 4.93% or 38.34 million shares.
