Has WCT Reached Peak Valuations?
Has WCT Reached Peak Valuations?
WCT Holdings Berhad (WCTHG) continues its robust performance with significant contract wins and strategic initiatives, according to recent reports from Kenanga Investment Bank (Kenanga), CGS International Stock Broking House (CGS), and MIDF Amanah Investment Bank (MIDF).
WCt Holdings Berhad（WCTHG）根据来自Kenanga Investment Bank（Kenanga）、中国银河国际证券（CGS）和MIDF Amanah Investment Bank（MIDF）的最新报告，持续表现强劲，获得重要合同，并采取战略举措。
WCTHG has clinched an RM428 million contract for infrastructure works at Kwasa Damansara, bolstering its year-to-date wins to RM1.43 billion. This marks a substantial achievement, further solidifying the company's position amidst Malaysia's expanding infrastructure landscape. The latest contract underscores the group's capability to secure high-value projects, contributing to its current outstanding order book of approximately RM6.31 billion across various sectors.
WCTHG已获得42800万令吉的Kwasa Damansara基础设施工程合同，今年迄今为止赢得了14.3亿令吉的订单，这是一个重大成就，进一步巩固了该公司在马来西亚日益扩大的基础设施领域的地位。最新的合同强调了该集团获得高价值项目的能力，有助于其目前大约63.1亿令吉的各个行业的未执行订单簿。
Kenanga has adjusted WCTHG's rating to UNDERPERFORM despite raising its target price (TP) to RM0.95, citing concerns over rich valuations amidst recent stock price appreciation. Conversely, CGS maintains an optimistic ADD rating with a higher TP of RM1.52, highlighting sustained order book growth and the potential benefits from WCTHG's planned REIT exercise.
尽管升级了目标价（TP）至0.95令吉，肯纳加却将WCTHG的评级调整为低于表现（UNDERPERFORm），理由是担心在最近股价上涨的情况下，估值过高。相反，中国银河保持看好加仓评级，将目标价高达1.52令吉，强调了订单簿的持续增长以及WCTHG计划的REIT计划所带来的潜在收益。
MIDF maintains a NEUTRAL rating on WCTHG, acknowledging its recent share price surge and valuation concerns. Despite maintaining a cautious stance, MIDF recognises WCTHG's strategic contract wins and prospective projects like the Penang International Airport expansion and data centre initiatives, which could further enhance its growth trajectory.
MIDF对WCTHG的评级保持中立（NEUTRAL），认可其最近的股价暴涨和估值担忧。尽管保持谨慎态度，但MIDF认识到WCTHG的战略合同获得和槟城国际机场扩建和数据中心计划等前景项目，这些项目可能进一步增强其增长轨迹。
WCTHG's proposed REIT listing is set to enhance its financial flexibility, leveraging assets such as Paradigm PJ and Aeon Mall to potentially reduce its net gearing ratio of 74.5%. This strategic move is expected to unlock the value of its real estate portfolio and support future growth initiatives, aligning with investor interests in sustainable returns and operational expansion.
WCTHG拟上市REIT以增强其财务灵活性，利用Paradigm PJ和Aeon Mall等资产，潜在地降低其净负债率达74.5％。这一战略举措有望释放其房地产组合的价值，并支持未来的增长计划，与投资者对可持续回报和运营扩张的兴趣相一致。