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）根據來自Kenanga Investment Bank（Kenanga）、中國銀河國際證券（CGS）和MIDF Amanah Investment Bank（MIDF）的最新報告，持續表現強勁，獲得重要合同，並採取戰略舉措。
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已獲得42800萬令吉的Kwasa Damansara基礎設施工程合同，今年迄今爲止贏得了14.3億令吉的訂單，這是一個重大成就，進一步鞏固了該公司在馬來西亞日益擴大的基礎設施領域的地位。最新的合同強調了該集團獲得高價值項目的能力，有助於其目前大約63.1億令吉的各個行業的未執行訂單簿。
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.
儘管升級了目標價（TP）至0.95令吉，肯納加卻將WCTHG的評級調整爲低於表現（UNDERPERFORm），理由是擔心在最近股價上漲的情況下，估值過高。相反，中國銀河保持看好加倉評級，將目標價高達1.52令吉，強調了訂單簿的持續增長以及WCTHG計劃的REIT計劃所帶來的潛在收益。
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對WCTHG的評級保持中立（NEUTRAL），認可其最近的股價暴漲和估值擔憂。儘管保持謹慎態度，但MIDF認識到WCTHG的戰略合同獲得和檳城國際機場擴建和數據中心計劃等前景項目，這些項目可能進一步增強其增長軌跡。
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擬上市REIT以增強其財務靈活性，利用Paradigm PJ和Aeon Mall等資產，潛在地降低其淨負債率達74.5％。這一戰略舉措有望釋放其房地產組合的價值，並支持未來的增長計劃，與投資者對可持續回報和運營擴張的興趣相一致。