好股介绍之WCT

lestari

DADI，

谢谢你的分析，前一阵子，我也有留意WCT，
请你 EMAIL 一份给我， klci@time.net.my

当我分析WCT时，
我只看了数据，可是对它的前景很模糊，你可以多加分析吗？

谢谢

dadi

kaewong 于 27-2-2004 16:23  说 :
dadi,也寄我一份讓我研究,
kaewong@streamyx.com
謝謝

KAEWONG不要只是看要给意见！


PS：大家数据已经寄出

dadi

lestari 于 27-2-2004 17:52  说 :
DADI，

谢谢你的分析，前一阵子，我也有留意WCT，
请你 EMAIL 一份给我， klci@time.net.my

当我分析WCT时，
我只看了数据，可是对它的前景很模糊，你可以多加分析吗？

谢谢

建筑业主要的当然是建筑啦！
当现在的经济开始起飞建筑业也会被带动。。。而且在经济不好时WCT依然能够交出漂亮的成绩单，证明了他们管理层的实力，而且现在WCT手头上的工程已经足够让他们忙足两年了！更远的我看不到了。。。希望有高人指点！

Harimau

最近 WCT 在 Bukit Tinggi 的双层排屋 launch 了。

请致电 03-33243255 定购。

dadi

Harimau 于 27-2-2004 21:34  说 :
最近 WCT 在 Bukit Tinggi 的双层排屋 launch 了。

请致电 03-33243255 定购。

Harimau最近好像搞地产了！
哈哈。。。
怎么打广告呢？
BUKIT TINGGI 和BUKIT TINGGI２都是WCT LAND 发展的！

Harimau

真正的分散投资，是将股市中赚到的钱，分散到产业等其他资产去，形成多元化的钱赚钱项目。

这是 TowwerM 教的。呵呵...

dadi

Harimau 于 27-2-2004 21:56  说 :
真正的分散投资，是将股市中赚到的钱，分散到产业等其他资产去，形成多元化的钱赚钱项目。

这是 TowwerM 教的。呵呵...

好久没有看见了TOWERMM，但是最近TOWERMM买了新PHASMA电视少了上来！

原来分散投资是将赚回来的钱投资在产业上，但是我们该一次过买入产业还是贷款呢？
谢谢！

Harimau

有产业的好处是需要拿钱来投资股票的时候可以去 refinance，等到牛市到了又把钱快快还完给银行，下一次要用再 refinance...

如果 refinance 的年利是 6%，而股市的年赚幅高过 6% x 4 = 24%，这样的 refinance 可以获得许多子弹，赚到的也可以抵消掉那 6%，所以可以加速开番。

当然，产业 refinance 之后，租金还是照收的... 如果地点旺的话，几年后产业也可以开番了！

dadi

Harimau 于 27-2-2004 22:14  说 :
有产业的好处是需要拿钱来投资股票的时候可以去 refinance，等到牛市到了又把钱快快还完给银行，下一次要用再 refinance...

如果 refinance 的年利是 6%，而股市的年赚幅高过 6% x 4 = 24%，这样的 refinance  ...

谢谢，
这点我有曾经想过！
当初我曾想过和我妈借屋子来REFINANCE的但是过后却想到那不是我的钱就放弃了哪个念头！


其实HARIMAU的意识是如果我们现在赚到了一笔钱如100K，而股市也到了沸点！那么我们就把钱先买入产业，然后等到熊市时我们就将产业REFINANCE拿到的钱可以再投资。。。而那里又可以收租！那样对吗？

Harimau

这个 refinance 的方式必须是用为你赚钱（出租）的屋子，不可以是没有赚钱的自己的屋子。

这是因为在 refinance 的期间，你的租金可以替你供大部分的贷款，从而把风险降到最低。

Harimau

忘了说，产业包括店铺、工厂、地段等等。。。不一定是住宅。

dadi

Harimau 于 27-2-2004 22:35  说 :
这个 refinance 的方式必须是用为你赚钱（出租）的屋子，不可以是没有赚钱的自己的屋子。

这是因为在 refinance 的期间，你的租金可以替你供大部分的贷款，从而把风险降到最低。

我知道，最重要的是利息和供期能由屋子的租金来抵消对吗？

Harimau

对了，就是这样分散投资，多元收入，快速开番。

fujishu

BUKIT TINGGI 刚 launch 双层排屋（２０X７０ FREEHOLD）价钱好象太高了。
我朋友买第二期时才１８０K（靠近GIANT），目前已租出去。租金才RM６００。我也留意到附近的BANDAR BOTANIC 也发现１A和１B的屋子（已起好的）大部分都是要租或卖。附近的KLANG BANDAR PUTERI 更只卖RM１７０K（也是２０X７０， 的），因为地点不佳，加上治安不好，所以才卖便宜。还有在JALAN MERU 也有新的PROJET（SPSTIA和EPF JOIN 的发展公司）也刚 launch 双层排屋（２０X７０ FREEHOLD）才１８０K。 发现KLANG的新屋子太多了，会不会行成泡沫呢？

dadi

Harimau 于 27-2-2004 22:41  说 :
对了，就是这样分散投资，多元收入，快速开番。

明白了！谢谢

dadi

WCT Engineering (RM5.75, BUY) Final results  Friday, February 27, 2004  
By June Ng





FYE 30 Dec K&N K&N Cons. Cons.
(RMm)      FY02     FY03    04E    05E    04E     05E
Revenue    704.4    910.1   720.7  680.7     -      -
EBITDA     76.3     86.2    106.8  165.9   134.4  158.5
PBT        83.4     104.6   146.8  166.3     -       -
Net Profit 59.4     75.5    97.9   110.9    88.8   99.5
EPS (sen)  61.9     72.5    70.0   79.1     71.0   78.5
GDPS (sen) 14.0     15.0    15.0   15.0     15.0   15.0

Comment: WCT抯 FY03 results were in line with our expectations but 8% below market consensus. Construction and property contribution to the group抯 pretax profit is 47% and 53% respectively.

Construction earnings were underpinned by recognition from its RM1.3b orderbook. Major ongoing projects include The Curve at Mutiara Damansara (RM194m), Guthrie Corridor Expressway (RM180m), Putrajaya Office Buildings (RM216m), Bakun (RM228m), Bahrain F1 Circuit and road (RM250m) and Indian highways (RM150m). In addition, WCT is close to clinching an additional RM200m road project from Bahrain.

WCT抯 property earnings were supported by WCT Land抯 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 Bayumas.

WCT is planning to launch BBT3 over the next few months to take advantage of recent surge in property demand. Pricing will remain reasonable at about RM220k for 2s link and RM580k for semi-detached units.

WCT is in the process of listing WCT Land via RTO of Bescorp. The listing exercise is likely to be completed in May 2004. WCT shareholders will receive WCT land shares via the rights issue, estimated at 1 WCT Land share for every 5 existing WCT shares.

We continue to favour WCT for its strong earnings prospects with RM1.3b orderbook and RM350m property locked-in sales. WCT is currently trading at an attractive forward P/E of 8x against construction sector P/E of 14x. Net gearing remains adequate at 0.3x. Maintain BUY with target price of RM7.20/share

dadi

WCT Engineering (RM5.95) -Vying for more jobs in the Middle East.
2004-03-15

Vying for more jobs in the Middle East. After completing the Bahrain F1 Circuit in a record time of 16 months, WCT has been pre-qualified for 2 other high profile jobs in Qatar and Dubai. Firstly, WCT is among 6 international construction majors which have been pre-qualified to bid for the Qatar Radio and Television Broadcasting Service?new headquarters in Doha worth an estimated RM1.9b. The project has to be ready in time for the Doha Asiad in August 2006. Elsewhere, WCT is also part of a four-party consortium that has been pre-qualified to bid for the job of building the Burj Dubai (Dubai Tower) in Dubai, the commercial hub of the West Asian region. The tower is slated to be the world抯 tallest building at 800 meters when completed in 2006, nearly twice the height of the 452m Petronas Twin Towers in Kuala Lumpur. WCT would be undertaking a small stake in the consortium with its Japanese and UAE-South African partners. (Source: Bernama)

Comments: WCT抯 feat on the Bahrain F1 circuit hoisted its profile as a capable contractor to bid for further jobs in the Middle East. Although there was no award yet, WCT pre-qualification places it at par with major construction internationals, which are bidding for jobs in the fast-growing region. We believe that WCT stands good chance of securing more jobs as it has the ability to offer world-class construction standard at competitive prices. Nonetheless, its order book of RM1.5b remained healthy and WCT is in line of securing an RM176m highway project with its partner Cebarco Bahrain. We continue to like WCT for mid-cap construction exposure and for its strong fundamentals. Valuation remains compelling with stock trading at PER04 of 6X against the sectors?11X. Maintain BUY (52w Hi-Low: RM6.05-RM4.34, FV=RM6.60)

Dadi,也寄我一份, 謝謝 .
pglce1@yahoo.com.cn

Dadi, 我也要一份WCT的資料, 謝謝
peter@mysql.cc

dadi

WCT valuation compelling
March 15, 2004 : 09.46 PM



MaybanSecurities Research has maintained a buy on WCT Engineering Bhd due to news that it has been pre-qualified for two other high profile jobs in Qatar and Dubai following the completion of the Bahrain F1 Circuit in a record time of 16 months.

In a research note yesterday, Mayban Research said it continued to like WCT for mid-cap construction exposure and for its strong fundamentals. “Valuation remains compelling with stock trading at PER04 of six times against the sector’s 11 times,” it said.

It has been reported that WCT is among six international construction majors, which have been pre-qualified to bid for the Qatar Radio and Television Broadcasting Service’s new headquarters in Doha worth an estimated RM1.9 billion.

WCT is also part of a four-party consortium that has been pre-qualified to bid for the job of building the Burj Dubai (Dubai Tower) in Dubai, the commercial hub of the West Asian region.

Mayban Research said the tower is slated to be the world’s tallest building at 800m when completed in 2006, nearly twice the height of the 452m Petronas Twin Towers in Kuala Lumpur.

It said WCT would be undertaking a small stake in the consortium with its Japanese and UAE-South African partners.
“WCT’s feat on the Bahrain F1 circuit hoisted its profile as a capable contractor to bid for further jobs in the Middle East.

“Although there was no award yet, WCT pre-qualification places it at par with major construction internationals, which are bidding for jobs in the fast-growing region,” said Mayban Research.

The research house believed that WCT stood a good chance of securing more jobs as it had the ability to offer world-class construction standards at competitive prices.

“Nonetheless, its order book of RM1.5 billion remains healthy and WCT is in line to secure a RM176 million highway project with its partner Cebarco Bahrain,” said Mayban Research.