[%cGZz%] 
Research by HLIB
Buy - TP RM1.48

"Impressive 1H"

WCT’s 1HFY24 core PATAMI of RM47.4m was well above our and consensus expectations. Beat came from stronger-than-expected margins as well as JV & associate contribution. Property segment is showing healthier numbers while
property investment saw better footfall and rental rates. We expect more construction wins backed by >RM13bn of intended tenders. Upcoming REIT monetisation could be a value unlocking catalyst. Post-beat, we lift FY24f/25f/26f earnings by +47.5%/38.9%/+0.9%. Maintain BUY with TP of RM1.48. We believe ongoing corporate exercises will rerate valuations higher from current depressed P/B multiple of 0.54x (approximately 56% discount to KLCON).

Analyst:
Edwin Woo, CFA
[%YSpY%]

$KLSE-WCT 
Research by HLIB
Buy - TP RM1.48

"Impressive 1H"

WCT’s 1HFY24 core PATAMI of RM47.4m was well above our and consensus expectations. Beat came from stronger-than-expected margins as well as JV & associate contribution. Property segment is showing healthier numbers while
property investment saw better footfall and rental rates. We expect more construction wins backed by >RM13bn of intended tenders. Upcoming REIT monetisation could be a value unlocking catalyst. Post-beat, we lift FY24f/25f/26f earnings by +47.5%/38.9%/+0.9%. Maintain BUY with TP of RM1.48. We believe ongoing corporate exercises will rerate valuations higher from current depressed P/B multiple of 0.54x (approximately 56% discount to KLCON).

Analyst:
Edwin Woo, CFA
ckwoo@hlib.hongleong.com.my