好股介绍之WCT

dadi

这里我为大家介绍一只股只WCT

股票名字:WCT
挂牌：主板建筑股
股价:
公司网页：
历史简介WCT, as widely known throughout the construction sector, was founded in January 1981 under the name of WCT Earthworks &
Building Contractors Sdn. Bhd. WCT represents the initial surnames of its founders, the Wong brothers (Wong Sewe Wing and
Wong Chwee Lai), Chan Soon Huat and Taing Kim Hwa, which became a public listed company on 1 April, 1994. Assuming its
present name, WCT Engineering Berhad, the Company made its debut on the Second Board of the Kuala Lumpur Stock Exchange
on 16 February, 1995 and was elevated to the Main Board on 7 January, 1999.(经济风暴对WCT没有影响证明了WCT的良好管理层)

以下是一些简介:

以下是WCT子公司:



这里是一些WCT过去的数据!

       Sales     Net Profit   Margin          SE          Rose         R.Profit
1996   169.425   8.756        5.17%         35.457         24.69%         11.529
1997   241.783   10.399       4.30%         44.471         23.38%         20.542
1998   417.281   11.163       2.68%         91.965         12.14%         21.077
1999   410.051   34.777       8.48%         117.468         29.61%         46.707
2000   328.565   32.495       9.89%         140.758         23.09%         68.382
2001   422.881   39.755       9.40%         171.821         23.14%         72.993
2002   704.436   59.408       8.43%         268.793         22.10%         167.284



以下是从1994年到今年的简列EPS成长历史
7 9 11 13 12 26 30 41 54 73

我们可以看见除了1997-1998没有什么成长而已每年WCT都取得很出色的成长!

我们在看看他们的 PROFITMARGIN
IJM (18%), Gamuda (25%) and Roadbuilder (26%).而WCT的MARGIN 是在8-11%之间

他们的current order book 有RM2.35 billion的工程,而且手头上的工程足以给他们忙足两年.


以下是他们的BALANCE SHEET里的一些资料

Equity: 371m
Long term borrowings: 17m
Short term borrowings: 111m
Cash: 141m

我想不必太担心他们的DEBTS太高,以为CIVIL ENGINEERING的公司DEBTS会有点高而且在过去经济风暴出现他们也没面对太大的问题所以我觉得可以放心

这里我们再对它的过去4年的数据再深入点的看看

2001
EPS=44.68
NTA=2.29
ROE=19.48%

2002
EPS=52.36
NTA=2.80
ROE=18.70
EPSG=17.20


2003
EPS=70.51(Fully Diluted EPS=56.79)
NTA=2.97
EPSG=34.65
ROE=23.71(Fully Diluted ROE=19.1%)


总得来说他们的
Average EPSG        26.52%
Average ROE        20.26


目前在在WCT手头上比较大的工程有Packages 1A and 1B of the Bakun Hydroelectric Project Package ,two projects in Bahrain, namely the RM584 million Bahrain Formula One Racing Circuit project and the RM100 million flyover road at Seef,

股价分析:

目前WCT的股价是处于历史最高但是PE依然维持在 7.X, Fully Diluted PE维持在9.X过去WCT的PE一直处于很低的水平主要原因是因为他们的快速成长拉低了PE,





这里也附上一位佳礼网友的意见
＃强劲的盈利，回酬是这只股的利好因素。

＃经济开始起飞。。。许多工程陆续展开。就连我们丹州鸟不生蛋的地方都展开超大的建筑蓝图。

＃WCT Engineering was awarded a RM46.8m contract by Guthrie Expressway SB for    the construction of the Kuang System Interchange & NSE Access, which is an extension to the Guthrie Corridor Expressway project awarded in July 2001. Letter of Acceptance was awarded to WCT on 12 February 2004 and the project is expected to be completed by 23 May 2005

＃五至六年来开一番。当然如果牛市到来的话会更快。

＃大选将到，股市会有一番做为。身为INDEX股的WCT会落后大市吗！！！！

＃当然建筑行业也有一定的风险。建筑行的强弱都是建力在他们的外交手腕！！！！建筑合约只可以为公司赚取一段时期的盈利。如以巴菲特的角度来看，应该会选择比较容易经营的工司吧！！！

＃偏高的股价PRICES>NTA，少了一层保护。盈利是股价唯一的支承点。光看大市WCT应该不成问题，只要不时的观察它的动向。


评语:我觉得WCT是一间很好且拥有高成长的公司,目前的股价停顿在5.6-6.0徘徊主要原因是公司对BESCORP收购所带来什么样的影响这是大家所关心的,如果对WCT有信心相信现在是个买入的机会!如果谁想要关于一些WCT更详细的数据可以留下EMAIL我可以SEND给你们!



欢迎大家加入讨论或给予意见小弟谢谢!

[ Last edited by 糊涂 on 7-3-2004 at 11:16 AM ]

bryon

Removed   thx

[ 本帖最后由 bryon 于 22-1-2008 07:21 PM 编辑 ]

臥龍先生

limszusi@hotmail.com 謝謝您的分享.

Harimau

没错，WCT 是千里马来的。

dadi

Harimau 于 25-2-2004 22:14  说 :
没错，WCT 是千里马来的。

谢谢，给于意见不知道能否提点下WCT有什么该注意的？还有对于WCT LAND 后门上市有什么意见吗？


PS：／臥龍先生，请检查你们的MAIL,bryon@ukpost.net SEND不到去你的MAIL BOX还有别的EMAIL吗？

[ Last edited by dadi on 26-2-2004 at 12:23 AM ]

Harimau

比较要注意的是 D/E 似乎越来越高。

元显

p_innovator@yahoo.com thank you

dadi

为何HARIMAU会说他们的D/E 越来越高呢？
从我计算里一下是他们最近３个QUATER的
D／E
                         2003Q3    2003Q2  2003Q1
Debts to equity          144.69    149.95  177.75
Total Debst/equity       66.66     67.66   70.26
DebtsRatio               202.89    213.42  238.64


反而是下降的迹象！

谢谢指点

ahko

ahko80@hotmail.com thx.

coolz76

biz_on9@yahoo.com

Thank you very much

大师

bobykchin@yahoo.com
Thanks!

bryon

sorry...shd be bryon@ukrpost.net

Harimau

dadi 于 25-2-2004 11:46 PM  说 :
为何HARIMAU会说他们的D/E 越来越高呢？
从我计算里一下是他们最近３个QUATER的
D／E
                         2003Q3    2003Q2  2003Q1
Debts to equity          144.69    149.95  177.75
Total Debst ...

我看到的是年对年的，2001, 2002, 2003...

Foopy

foopy33@hotmail.com. Thanks dadi.

The Bahrain F1 circuit is about 97% completed now.  (after 14 months construction.)  The circuit is expected to be completed by 7 Mar, F1 event is in April).  WCT would enjoy 50% of an early completion bonus of RM14m.

RM1.12bn outstanding order book as at end-2003, including the RM47m Guthrie Corridor Expressway extension secured two days ago.  This should last until 2005, based on a churning rate of RM650m-RM700m a year.
  
Management is confident of securing RM250m new works in the next few months (overseas) while the target for the whole of 2004 is > RM600m (2003 =RM638m)
  
The Listing of WCT Land is expected to complete in end-June 2004, involves an offer for sale of WCT Land to WCT shareholders and to the public, expected to raise RM60m-RM80m cash.

Final FY03 results to be announced today (26 Feb 2004
  
Maintain “HOLD” on WCT.

[ Last edited by 吉祥 on 26-2-2004 at 11:32 AM ]

Superman

这里有点去年的资料,希望能给你做参考.谢谢.

AmResearch Sdn Bhd has recommended a buy on WCT Engineering Bhd at RM5.50, with a target price of RM7, based on expectations of its future expansion. "We continue to like WCT for its strong return on equity, undemanding price to earnings ratio and high earnings visibility with its massive RM1.7 billion secured order book," it said in a statement on Aug 18,2003.The research house said WCT had varied the terms of the financial instrument to be issued by WCT Land to settle inter-company loans and Bescorp creditors under the latter's proposed takeover of Bescorp's listing status."The proposed exercise will allow the group to unlock the value of its property arm and allow the latter to tap the capital markets for funds to finance its future expansion," said AmResearch. It said instead of issuing irredeemable convertible cumulative preference shares (ICCPS), WCT had proposed to issue up to five-year, three per cent convertible redeemable debt securities (CRDS). It said the CRDS consists of RM120 million CRDS A and RM12 million CRDS B. Only CRDS A will be listed on the KLSE. CRDS B will not be listed and the funds will be used to settle Bescorp's debts. "WCT Land has the option to redeem both CRDS A and B at maturity or earlier by exercising the early redemption option to redeem the CRDS after 3.5 years. "The rationale is to mitigate the earnings dilution impact of a significant increase in the share capital of WCT Land upon conversion of the debt instruments by having a redemption option," it said. AmResearch said CRDS B received by Bescorp creditors can be swapped for WCT Land shares from WCT, or converted into new WCT Land shares at any time after issuance of the basis of two WCT Land shares for every CRDS held."There could be some selling pressure on WCT Land if the Bescorp creditors choose to convert the CRDS B and sell them on the open market. If the CRDS B are fully converted or swapped, it would represent 7.0 per cent to 7.5 per cent of WCT Land's share capital," it said.It also said it was difficult to quantify the impact of WCT's earnings accurately as the offer for sale price of WCT Land shares has not been determined."We estimate that our earnings forecasts for WCT will be reduced by nine per cent to 60.0 sen for FY04 and 66.0 sen for FY05 due to higher minorities for its property division."The proceeds from the offer for sale is expected to reduce the group's net gearing, which stood at 75 per cent as at March 31, 2003, as nearly all its debts were raised to finance its property division," it said.

By Tong Yee Siong

charleschin

qq_chin_99@yahoo.com

I got a lot of things ask u !

dadi

Harimau 于 26-2-2004 08:42  说 :



我看到的是年对年的，2001, 2002, 2003...

对与这点上涨的是TOTAL DEBTS TO EQUITY，而 CURRENT LIABILITIES 却没有上涨的迹象，这主要是在201年他们拿了120M的BOND（LONG－TERM），而且工程日益增加，WCT 是CIVIL ENGINEERING的公司需要较多的债务来进行工程（这是我个人的分析）


PS:EMAIL 已经送出了请检查

[ Last edited by dadi on 26-2-2004 at 10:12 AM ]

dadi 于 26-2-2004 09:51 AM  说 :

对与这点上涨的是TOTAL DEBTS TO EQUITY，而 CURRENT LIABILITIES 却没有上涨的迹象，这主要是在201年他们拿了120M的BOND（LONG－TERM），而且工程日益增加，WCT 是CIVIL ENGINEERING的公司需要较多的债务来进行 ...

Something to share (comments/ discussions welcomed)

1.The capital structure of a company (Debt or Equity) is a management decision, we concern about the Debt to Equity ratio simply because if we use DEBT (long- or shor- term) to finance our business (assets), we have to pay INTEREST, (this is the cost of debt), where the cost of Equity (Dividend) is optional (management can choose to pay/ not to pay/ how much to pay).

because of this, we should be more cautious on a ratio call Interest Coverage Ratio
  = Formula : EBIT /interest expense
where EBIT stands for earnings before interest and taxation

dadi 于 26-2-2004 09:51 AM  说 :

对与这点上涨的是TOTAL DEBTS TO EQUITY，而 CURRENT LIABILITIES 却没有上涨的迹象，这主要是在201年他们拿了120M的BOND（LONG－TERM），而且工程日益增加，WCT 是CIVIL ENGINEERING的公司需要较多的债务来进行 ...

Something to share (comments/ discussions welcomed)

1.The capital structure of a company (Debt or Equity) is a management decision, we concern about the Debt to Equity ratio simply because if we use DEBT (long- or shor- term) to finance our business (assets), we have to pay INTEREST, (this is the cost of debt), where the cost of Equity (Dividend) is optional (management can choose to pay/ not to pay/ how much to pay).

because of this, we should be more cautious on a ratio call Interest Coverage Ratio
  = Formula : EBIT /interest expense

   where EBIT stands for earnings before interest and taxation

*** the higher the better. the lower this ratio, the more likely the firm will have difficulty meeting its debt (be insolvent).

2. While earning power is important, an analysis on the Cash flows of a company is also important ...