[%VIXu%] 
Research by Public
Neutral - TP RM1.08

"Lifted by Malls and Hotel Operations"

WCT Holdings Bhd (WCT) reported a net profit of RM16.1m in the 2QFY24 on the back of higher revenue by 15.5% YoY. Performance is mainly supported by property development and property investment segment. Cumulatively, 1HFY24 net profit came in at RM47.4m, beating both our and street estimates, accounting for 280% and 128% of full-year forecast respectively. The discrepancy is mainly due to higher than expected contributions from its malls, hotels and property sales. We raise our FY24-26F earnings forecasts by average of four folds, to account for higher occupancy and rental rates and higher sales and billing of properties. We maintain our Neutral call on WCT with a higher TP of RM1.08 (previously RM1.00), pegged at 0.4x PBV (+2SD).

Analyst:
Denny Oh
[%pXDM%]

$KLSE-WCT 
Research by Public
Neutral - TP RM1.08

"Lifted by Malls and Hotel Operations"

WCT Holdings Bhd (WCT) reported a net profit of RM16.1m in the 2QFY24 on the back of higher revenue by 15.5% YoY. Performance is mainly supported by property development and property investment segment. Cumulatively, 1HFY24 net profit came in at RM47.4m, beating both our and street estimates, accounting for 280% and 128% of full-year forecast respectively. The discrepancy is mainly due to higher than expected contributions from its malls, hotels and property sales. We raise our FY24-26F earnings forecasts by average of four folds, to account for higher occupancy and rental rates and higher sales and billing of properties. We maintain our Neutral call on WCT with a higher TP of RM1.08 (previously RM1.00), pegged at 0.4x PBV (+2SD).

Analyst:
Denny Oh
Oh.BoonYeow@publicinvestbank.com.my