WCT : 1HFY12/09 net profit declines 19% yoy Underperform
2QFY09 Results
- Excluding RM5m revaluation surplus of a property, adjusted 1HFY12/09 net profit of RM76.2m came in within expectations.
- 2Q construction EBIT margin eased to 5.8% from 8.3% registered in 1Q, we believe, as work progress on low-margin jobs, i.e. New Doha International Airport and AEON mall in Melaka, gathered momentum during the quarter.
- We understand that WCT managed to sustain an EBIT margin in excess of 8% at Abu Dhabi F1 Circuit.
- Indicative fair value is RM1.74. Maintain Underperform.
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