Maybank IB Research trims WCT's (9679.KU) price target to MYR2.75 from MYR3.08 after lowering its 2011 net profit forecast by 8% citing expectations of forex losses in 4Q11, and cutting its 2012-2013 net profit forecasts by 12%/15% on expectations for a delay in the contribution of 2011 contract wins.
The house says the company's outstanding construction order book stands a tad below MYR3 billion and estimates there have been no major job wins year-to-date.
Following the earnings downgrade the house notes "the stock now trades at 12X our 2012 FD EPS forecast.
Our sum-of-parts based target price continues to peg the stock to 13X 2012 PER plus 20 sen value enhancement from the KLIA IC2 concession inked last September."
The house keeps the stock at Buy.
Its shares are down 1.7% at MYR2.34.
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