Maybank Keeps WCT At Buy, Target At MYR3.75

 Maybank IB Research keeps WCT (9679.KU) at Buy with an unchanged target of MYR3.75. The house says 1Q results (due May 26) are likely to meet expectations and its forecasts (2011 net profit up 31% on-year) are unchanged. Job win potential remains positive at the domestic front which could lift WCT's MYR3.7 billion outstanding order book (as at end-2010) quite substantially, it says. The company is tendering for package B of the LRT extension works which it "stands a high chance of securing" says Maybank. The house estimates the contract value at MYR1.9 billion. "Strong property sales meanwhile should provide for stronger quarters ahead," adds Maybank. The stock is 0.3% higher at MYR3.00.