好股介绍之WCT

dadi

tekyong 于 6-5-2004 18:14  说 :
打错字，vocuhers ---> vouchers
anyway,大恩不言谢。

总之就是那张和你利息一起来的～
一张是支票～另一张就对了～

dadi

Company Name : WCT ENGINEERING BERHAD  
Stock Name  : WCT
Date Announced : 06/05/2004

   
Type : Announcement
Subject : JOINT TENDER FOR THE CONSTRUCTION AND COMPLETION OF THE HIGHWAY LINK TO DURAT AL-BAHRAIN (THE "PROJECT")

Contents :

The Board of Directors of WCT Engineering Berhad ("WCT" or the "Company") is pleased to announce that the Company together with Cybarco Bahrain W.L.L. (the "Joint Venture Partners") has received a Notice of Provisional Intent dated 5 May 2004 from the Ministry of Works of the Government of the Kingdom of Bahrain ( the "Ministry") informing the Joint Venture Partners that the joint tender submitted for the Project has proved successful. The Ministry intends to issue a letter of award / enter into a contract with the Joint Venture Partners in the near future, subject to the submission of a Performance Bond.

Details of the Project

The scope of the Project is the construction and completion of the Highway Link to Durat Al-Bahrain for a distance of 25 km. The contract sum is Bahrain Dinars Seventeen Million Six Hundred and Fifty Thousand Only (BD 17,650,000/-), approximately Ringgit Malaysia One Hundred Eighty Eight Million and Eight Hundred Thousand Only (RM188,800,000/-). The Project will be undertaken over a period of 24 months from the anticipated commencement date of 1 June 2004.

Financial Effects of the Project

Share Capital

The Project will have no effect on the Company's share capital.

Earnings

The Project is not expected to have any material effect on the earnings of WCT Group for the financial period ending 31 December 2004. However, it is expected to contribute positively to the future earnings of WCT Group.

Net Tangible Assets ("NTA")

The Project will have no material impact on WCT Group's NTA for the current financial period.

os

全长25km. 工程费用RM188,800,000.两年期限截至1 June 2006.
25km看似小工程,可是费用却是亿亿声.WCT 不懂能够交出怎样的成绩.
Tender/Contract base的工程,盈利会是在1 June 2006过后才回收吗?
一般上工程的承包商应该通过自己的财力或银行贷款来支付工程费用吧?

1 km = RM188,800,000 / 25 = RM7,552,000
1 m  = RM7,552,000 / 1000m = RM7,552
1 cm = RM7,552 / 100cm     = RM75.52
这个Highway不懂是double lane还是triple lane 的. 这儿有contruction的网友吗? 这就是所谓的寸土是金?!
无论如何,成功Tender到Project,可以证明WCT在实力以及和Bahrain的关系保证,好事.
:p

dadi

Thursday May 6, 6:30 PM
Malaysia WCT JV To Get MYR188.8M Construction Contract
KUALA LUMPUR (Dow Jones)--Malaysia's WCT Engineering Bhd. (9679.KU) Thursday said the government of Bahrain will be awarding the company and its joint venture partner a highway construction contract worth 188.8 million ringgit ($1=MYR3.80).

WCT's joint venture partner in its bid for the contract is Bahrain-based Cybarco Bahrain W.L.L., the company said.

ADVERTISEMENT


The 25-kilometer highway will take 24 months to complete and work is expected to start June 1, WCT said. It didn't provide further details.

dadi

WCT secures new contract in Bahrain
WCT Engineering抯 ("WCT", RM5.70, BUY) joint venture partner, Cybarco Bahrain W.L.L (JV partner) has received a Notice of Provisional Intent from the Ministry of Works of the Government of the Kingdom of Bahrain for the construction and completion of the Highway Link to Durat Al-Bahrain for a distance of 25 km. The contract sum is BD 17,650,000 or approximately RM188.8 million. The project will be undertaken over a period of 24 months from the anticipated commencement date of 1 June 2004. A letter of award/contract for this project will be issued in the near future, subject to the submission of a Performance Bond.

Comments: Assuming a 50:50 joint venture between WCT and the JV partner and a net margin of 12% for this project, we expect net profit of RM11.3m to be recognised in FYE12/04-05. Contribution from this project could potentially enhance WCT抯 net profit by 7% for FY04 and 5% for FY05. We will upgrade our earnings forecast accordingly when more details are available.

Meanwhile, we continue to favour WCT for its orderbook of RM1.3 billion, attractive P/E of 6x and upside potential from unlocking of property assets through the proposed listing of WCT Land

呵呵，，560 都几坚硬的，大炮车都功不倒。真的是只不错股票！

WCT 昨天有強勢護盤, 今天早上卻完全沒買盤, 5.60被攻破...

dadi

India抯 government change may alter fate of Malaysian contractors. The change of government in India, the largest overseas market for Malaysia抯 construction companies, may have some bearings on construction contracts that are currently being negotiated/pending award. It is believed that Malaysian contractors have completed projects worth RM3.0b in India. Though projects, which were awarded, and are currently in progress is unlikely to be affected, there are concerns on the chances of securing more contracts. This applies especially to construction companies, which rely heavily on India.

We estimate the following companies currently have the largest exposure in India:

Contract value           RM抦

UEM Builders              880

Gamuda                      350

Road Builder                250

IJM Corp                     200

WCT Engineering         200


India抯 most ambitious development programme is the National Highway project which is worth approximately US$12b. India has 3m km of roads out of which 58000km comprises of National Highways. Road network carries 85% of total passenger traffic and 70% of total Freight traffic, with 40% of the total traffic carried by National Highways. National Highway Authority of India (NHAI) started functioning in 1995. NHAI is now implementing US$12b National Highway Development Project (NHDP)

Estimated Investment requirement till 2005-06 is as under:

Demand USD                               Bn*

National Highways 23,000 km         7.8

State Highways 60,000 km             4.7

昉rivate participation to the extent of USD 6.8* billion


We have identified a few projects, which we believe is under negotiation:


All in, the change of government in India raises the country抯 risk profile due to uncertainty as to its approach and acceptance of foreign companies in India. We however believe that the new government of India may likely continue with development spending in India in an effort to promote economic growth. Nonetheless, there is no assurance that the proposed projects or those which are currently undergoing negotiations would continue. If the pace of development spending is maintained and based on the good track record of Malaysian companies in India, we believe that Malaysian contractors may still land jobs in India. Maintain NEUTRAL on the sector.

fujishu

印度政局影响 本地建筑公司前景
2004/05/14 14:27:34
●南洋网


吉隆坡14日讯-印度政局变天，随着该家领导人换新脸孔，而使这个原属大马建筑公司最大的海外市场，极有可能在工程招标方面重新洗牌，大大地影响本地建筑公司的前景。

印度前任总理瓦杰帕伊领导的印度人民党在大选中失利后已辞职，而国大党领导人索尼亚甘地则可能会出任新总理职位。

分析员指出，这项新转变可能使到大马建筑公司要获取新基建工程，面对一些难题。

他们认为，新政府或会检讨瓦杰帕伊所推行的经济改革政策，而在检讨过程中，可能会把一些大马公司所招标的工程重新考虑。


根据大马建筑工业发展局，我国公司在印度涉及超过40个高速大道工程，总值约200亿零吉，而在这同时，仍有数十亿零吉的工程是在洽谈阶段或已获得招标。

该局估计，大约有1千名的大马工程师在印度监管工程，涵盖范围从道路建筑至水供工程。

马银行证券行分析员拉惹英德拉指出，印度目前的局势演变深受外国工程承包公司关注，毕竟，印度人民党和国大党一直对私营化计划持有分歧的立场。

在选举期间，瓦杰帕伊便认为应该加速私营化计划的进程，而国大党则认为必须是选择性地进行。

现有在印度活跃的大多数大马公司，所涉及的基建工程都是通过不同的私营化计划得来，所以，它们未来的命运将受到新政府要走的经济路线影响。

怪不得WCT会大跌啦，我还以为是那个马来仔急钱用呢！

新闻 : 由于投资者对印度新的政党的施政方案不太乐观，经济会受到冲击。

昨天星期一印度股市两次被下令暂停交易!!!!!!!!

http://biz.thestar.com.my/marketwatch/keybourse/

psrngurney

龙剑飞 于 14-5-2004 23:13  说 :
怪不得WCT会大跌啦，我还以为是那个马来仔急钱用呢！

今年的大選過後每個國家都有同樣的共同點！
大跌！！

psrngurney

tekyong 于 18-5-2004 08:26  说 :
http://biz.thestar.com.my/marketwatch/keybourse/

最多跌“-793.39"!

Harimau

WCT 的营业额连续三季拿红字，不是好现象，虽然这一季的差距收窄了许多，但是什么时候才能回到去年第二季创下的那个 292M 呢？

其他成绩是还好，也没什么特别的惊喜。

dadi

中规中矩！
虽然建筑材料涨价但是对WCT影响不大～
而他们主要的收入还是来自PROPERTY DEVELOP

For the period under review, the Group recorded a revenue of RM192.500 million and profit before taxation of RM28.899 million representing an increase of 9.50% and 25.36% respectively from the corresponding period with construction division contributing to 47.10% of the Group’s turnover and property division contributing to the remaining 52.90% of the Group’s turnover. The higher contribution recorded by the property division is due to the higher percentage of billings for the respective launched phases. The construction and property division contribution (including share of results in associates and jointly controlled entity) to the Group’s profit before taxation are 24.82% and 75.18% respectively.

USA

http://www.bursamalaysia.com/website/listing/lcannounce/lca.htm

dadi

Our View  
WCT Engineering (RM5.10, BUY) ?1Q results  Friday, May 21, 2004  
By June Ng


FYE 31 Dec K&N K&N CONS CONS
(RMm) Q103 Q104 04E 05E 04E 05E
Revenue 175.8 192.5 720.7 680.7 135.0 149.0
EBITDA 21.7 25.4 106.8 165.9 111.6 163.2
PBT 23.1 28.9 146.8 166.3 - -
Net Profit 16.7 20.2 86.7 110.9 94.7 99.7
EPS (sen) 15.0 18.1 77.6 99.3 70.0 76.2
GDPS (sen) 0 0 15.0 15.0 15.0 15.0

Comment: WCT? annualised 1Q net profit was below our and market consensus by 7% and 15% respectively due to lower construction recognition due to festive season. WCT? 1Q pretax profit grew 26% y-y due to a 194% increase in property earnings. Construction pretax profit fell 59% y-y as a result of slower project recognition but the decline was compensated by stronger property contribution from Bukit Tinggi 1 & 2 projects.

Pretax profit grew 39% sequentially due to the low base factor in 4QFY03 as a result of write down in value of investment properties of RM3.7m for its Bahrain F1 project in 4Q. Construction division had reversed its pretax loss of RM5.2m in 4Q to a pretax profit of RM5.0m in 1Q.

WCT? pretax margin improved from 13% in 4Q to 15% in 1Q as a result of higher recognition from property division. Property has overtaken construction as the major income contributor. Contribution from property and construction divisions to pretax profit was 75% and 25% respectively.

Looking ahead, property will continue to be the core income contributor with estimated RM350m locked-in sales from Bandar Bukit Tinggi 1 (BBT1- RM130m) and BBT2 (RM220m). BBT is in Klang, adjacent to Gamuda Bandar Botanic, IOI Bandar Puteri and Golden Hope Kota Bayuemas. WCT plans to launch the phase 3 of Bukit Tinggi project in FY04. The listing of WCT Land via RTO of Bescorp has been extended till 1 July 2004. WCT shareholders will receive WCT land shares via the rights issue, estimated at 1 WCT Land share for every 5 existing WCT shares.

WCT? construction earnings will be underpinned by its RM1.1 billion orderbook. Major ongoing projects include The Curve at Mutiara Damansara (RM15m), Guthrie Corridor Expressway (RM15m), Putrajaya Office Buildings (RM216m), Bakun (RM228m) and Indian highways (RM150m). We expect construction earnings to pick from 2H FY04 as WCT is actively bidding for new projects, especially in the Middle East. WCT has recently secured a RM188m joint-venture highway project in Bahrain and we expect more projects to come through over the next few months. WCT expects to secure about RM500m worth of new project in FY04.

We continue to favour WCT for its sustainable orderbook of RM1b, attractive P/E of 6.6x and upside potential from unlocking of property assets through the proposed listing of WCT Land. Net gearing remains adequate at 0.3x. Maintain BUY with target price of RM7.20/share based on forward P/E of 11x.

dadi

176.27 in reply to 176.26  

WCT Engineering (RM5.10) - 1Q04 results: in line.
2004-05-21

1Q04 results: in line. Turnover for 1Q04 was flat against 4Q03 but +9.5%yoy. Net profit however rose sharply by 28%qoq and 21%yoy. Pretax margin of 15% is an improvement from 4Q03 and 1Q03. WCT? net gearing ratio of 0.28X is healthy while NTA per share strengthened to RM3.73.


Comments: Results were in line with expectations. Despite a mild growth in turnover against 1Q03 and flat against 4Q03, net profit improved sharply because of higher pretax margin. This is attributable to higher contribution from WCT? property division, which contributed 75% of pretax profit while 25% was from construction. The property division benefited from higher progress billings from earlier launches.

WCT? slower construction earnings for the quarter is not a surprise as it has recently completed the RM560m Bahrain F1 Circuit, which took up a substantial portion of its RM1.2b order book. We are nonetheless positive on WCT? exposure in property development (Bandar Bukit Tinggi), which has turned a key earnings contributor as construction slows. Better margin from property development (17%) helped lift the group? pretax margin as construction margin fell by approximately 5% point. We remain optimistic that WCT would offset the slower construction spending locally with more overseas contracts. It is currently bidding for contracts worth approximately RM2.5-RM3.0b in the Middle East. WCT is our top mid cap construction pick for its proven overseas track record and healthy fundamentals. Stock is currently trading at PER04 of 6.8X. Maintain BUY (52w Hi-Low: RM6.20-RM4.48, FV=RM6.60)

  

dadi,

你贴的帖子是怎样拿到的？？
是每一家股票行都去开户口
然后拿他们的access to webpage吗？？
酱子。。。你介意说说。。。你开了多少个公司吗？？
如果开了很多个公司
那一定有几个remisier是做不到你生意的
酱不是有点不好意思咯？？