[%aTzj%] 
Research by Kenanga
Market Perform - TP RM1.17

"Brighter Prospects; Upgrade to MP"

WCT’s 1HFY24 results met expectations. Its 1HFY24 core profit jumped five-fold to RM27.4m as margin recovery in its
construction unit meant that pressure from prolongation costs has faded, while property earnings were supported by strong sales. It is poised for better earnings prospects with several projects in the pipeline. Its REIT listing is the start of a re-rating exercise; hence, we upgrade it to MP with a higher TP of RM1.17.

Analyst:
Teh Kian Yeong 
[%SHJa%]

$KLSE-WCT 
Research by Kenanga
Market Perform - TP RM1.17

"Brighter Prospects; Upgrade to MP"

WCT’s 1HFY24 results met expectations. Its 1HFY24 core profit jumped five-fold to RM27.4m as margin recovery in its
construction unit meant that pressure from prolongation costs has faded, while property earnings were supported by strong sales. It is poised for better earnings prospects with several projects in the pipeline. Its REIT listing is the start of a re-rating exercise; hence, we upgrade it to MP with a higher TP of RM1.17.

Analyst:
Teh Kian Yeong 
tehky@kenanga.com.my