好股介绍之WCT

C.Hong

dadi 于 16-3-2004 01:54 PM  说 :
WCT valuation compelling
March 15, 2004 : 09.46 PM
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 ...

Type : Announcement
Subject : ARTICLE ON WCT ENGINEERING BERHAD
RE : WCT PRE-QUALIFIES FOR 2 MIDEAST PROJECTS

Contents :
We wish to refer to the article appearing in Starbiz (page 4) of The STAR on Tuesday, 16 March 2004 under the heading of "WCT pre-qualifies for 2 MidEast projects".

We wish to highlight the erroneous statement in the third paragraph of the said article. Kindly be informed that the Qatar Radio and Television Broadcasting Service's new headquarters in Doha is estimated at RM500 million instead of as stated in the article.

This announcement is dated 16 March 2004

USA

Dadi,也寄我一份, 謝謝 .
ekkung2020@yahoo.co.uk

dadi

WCT ?Confirming
By: Surf88
Date: Wednesday, March 17, 2004
Time: 8:16:41 AM
  
In an announcement to the MSEB, WCT Engineering (WCT) (RM6.05, stock code 9679) clarified that the potential contract for the Qatar Radio and Television Broadcasting Service's new headquarters in Doha is worth RM500M, rather than US$500M.  According to a press report, WCT has been pre-qualified for the tender of the project among six international bidders.  At the same time, it was reported that WCT is part of a four-party consortium pre-qualified to bid for the building contract for Dubai Tower in Dubai.



Surf88: This is indeed good news and a further testimony of WCT抯 international competitiveness after the F1 circuit in Bahrain.  The potential contract is also significant to its outstanding orderbook of about RM1.1B, helping to support earnings growth further into 2005/2006.  Meanwhile, we understand that WCT is likely to take just about 10% stake in the Dubai Tower-consortium, a massive contract worth more than US$2B which is seen as a high-risk job at nearly doubling the height of Petronas Twin Towers.  We see this as a progressive policy reflecting a conservative yet dynamic stance as WCT builds up its international profile and technical expertise while controlling its risk exposure.  



We remain a BUYer of WCT which trades at just about 10x 2004 fully diluted PER assuming full conversion of existing WCT-WA (RM3.68, stock code 9679WA).  The latter also offers value at a slight conversion discount for expiry in Apr 2005.

  

  
Category
  
Sector: Construction
Company: WCT Engineering Bhd
Recommendation: BUY

WCT工程（WCT Engineering）(6.05零吉)在致给大马证券交易所的文告中，澄清说在多哈(Doha)的潜在卡塔尔电台与电视广播服务新总部的合约价值是5亿零吉，而非5亿美元。据报章报导，WCT工程是有关工程的6名符合资格的国际竞投者中之一。同时，据悉WCT工程参与的4人财团已符合资格竞投迪拜(Dubai)的迪拜塔建筑物合约。
?
Surf88：这确实是一项好消息，继巴林一级方程式赛车场之后，再次证明WCT工程在国际市场的竞争能力。相对WCT工程手中的11亿零吉未完工订单，潜在合约规模相当庞大，并有助支撑它的2005年/2006年盈利进一步成长。同时，我们获悉WCT工程只持迪拜塔财团的10％股权，而这个总值超过20亿美元的潜在合约风险据说相当大，建筑物的高度约为国油双峰塔的一倍。我们相信在迪拜塔财团中持少数股权反映WCT工程在保守中不失动力的策略，在开拓国际业务与专业技术之馀又同时控制风险。
?
我们仍建议买进估值偏低的WCT工程 - 就算假设WCT工程WA（WCT-WA）(3.68零吉，编号9679WA)悉数转换的2004年全面冲淡本益比也只有约10倍。WCT工程WA凭单在2005年4月届满，目前以稍微折价水平交易。

copy form surf88

不要意思... 问一下....有人收到DADI寄的资料吗? :sp:
有的话, 麻烦有收到的人forward一分给偶:wolaboy@yahoo.com.au
谢谢

os

今天在九点买入凭单的朋友,都是幸运的一群.

kitkatlow

只有20lots。。。

整體不錯,弱點是第四季的成績比較差,而且EPSG也沒有TSH強.照目前的PER來看,是少數跑輸大勢的千里馬之一.現在的股價有點回落,我在考慮要不要入貨...
不過,我反而覺得目前TSH的吸引力還是略勝WCT一籌,你可以拿他目前強勁的EPSG和他的PER來做比較.

p/s:有沒發現它目前的四季成績表現和前四季相似,都是第二季最高,第一和第三其次,最差的就是第四季,好像這兩年的收益是有季節性的

[ Last edited by kaewong on 19-3-2004 at 12:39 PM ]

dadi

kaewong 于 19-3-2004 12:25  说 :
整體不錯,弱點是第四季的成績比較差,而且EPSG也沒有TSH強.照目前的PER來看,是少數跑輸大勢的千里馬之一.現在的股價有點回落,我在考慮要不要入貨...
不過,我反而覺得目前TSH的吸引力還是略勝WCT一籌,你可以拿他目 ...

其实WCT的股价跑输大市是我看中他的原因，反之TSH最近已经上升了很多！而且TSH的EPSG是在最近的CPO PRICE 起价中受惠的，而且种植业的股是要季节的如三年黄金十年粪，相反的WCT从1999年开始就取得很平均的成长，而且WCT的名声也越来越好很多外国的工程他们也有份参与。他目前的ORDER BOOK已经足够维持他们未来两年的工程而且最近也在DUBAI那里取得工程还有下QUATER他们的高速公路收费站也会开始了～无可否认铁价将会为WCT带来很大的冲击

Harimau

WCT Engineering (RM5.90): More projects to come after F1.
2004-04-01

More projects to come after F1. WCT Engineering in a partnership with Cebarco WLL has been shortlisted for a RM500m Sheraton Towers project in Bahrain. Besides this, Cebarco-WCT joint venture (JV) has been tipped to land a RM180m, 25km highway in Bahrain. (Source: Financial Daily)

Comments: WCT has gained positive recognition in Bahrain and the Middle East after completing the RM560m Bahrain F1 Circuit ahead of schedule. WCT is also in the running for 2 other mega projects, which are the Dubai Tower (RM7.6b) and Qatar’s Radio and Television Broadcasting Centre (RM500m). These contracts may substantially boost WCT’s order book of RM1.2b. We regard WCT as a core mid cap construction stock, for its proven overseas track record and potential beneficiary of the government’s prudent spending. Valuation is compelling at PER04 of 6.2X. Maintain BUY (52w Hi-Low: RM6.05-RM4.34, FV=RM6.60)

Harimau

WCT prospering in the Gulf
April 1, 2004 : 10.10 AM
By M Shanmugam


WCT Engineering Bhd, which completed the construction of Bahrain’s RM560 million Formula 1 racing circuit ahead of schedule, has been short listed for another major project in that country.

WCT, in partnership with Cebarco WLL, is one of the four joint-venture companies short-listed for the construction of the RM500 million Sheraton Towers, which is part of the Sheraton Hotel.

“It is a positive spin off from the completion of the F1 project. The towers are 45-storeys each and the project must be done on a fast track basis,” WCT chairman Datuk Ahmad Suffian told reporters in a briefing on their F1 project on March 31.

The owner of the land is the Emir of Bahrain and the project is to be undertaken in co-operation with Sheraton Group International.

The other three short-listed companies are also joint ventures between Bahrain and foreign partners.

Besides the Sheraton Tower project, Cebarco-WCT has also been short-listed for a RM180 million highway project stretching 25km in Bahrain. Cebarco-WCT is tipped to land the highway job.

Ahmad expected the award of the highway and hotel projects to be decided in the next few months. At the moment, after handing over the F1 track, WCT is undertaking a RM100 million road upgrade project in Bahrain.

Besides Bahrain, WCT is also in the running for other jobs in the Middle East. Together with three other international contractors, WCT is among eight consortiums short-listed for the construction of the Dubai Tower, which will be the world’s tallest building. The project is estimated to cost up to US$2 billion (RM7.6 billion).

WCT and its other international partners have also been pre-qualified for the construction of the RM500 million Radio and Television Broadcasting Centre in Qatar. The contract for the broadcasting centre is expected to be finalised by end of the year.

The company’s order book currently stands at RM1.2 billion.

Cebarco-WCT handed the F1 circuit to the government of Bahrain on May 5, two days ahead of schedule despite major design changes and variation. Ahmad said that design changes would normally entitle the contractor to an extension of time for completion.

“In this instance, an extension was not possible because the race in Bahrain had been brought forward from October to April,” he said.

For completing the circuit ahead of schedule, Ahmad said the consultants for the Bahrain government had recommended a bonus payment of about RM14 million. This is in addition to the RM500,000 that the joint venture will receive for handing over the circuit two days ahead of schedule.

For the financial year ended Dec 31, 2003, WCT registered a net profit of RM75.5 million on a turnover of RM910.1 million, compared with RM59.4 million and RM704.4 million respectively in 2002.

rain13143344

blue_blood_man80@hotmail.com 謝謝您的分享

dadi

WCT continued to perform respectably in 2003 after five successive years of record showing. While the construction division continued to power the growth in sales (+18% y-o-y based on the annualised sales for 2002), the division's thinner margin also largely led to a disproportionally slower growth in the operating profit (+3% y-o-y based on the annualised figure for 2002). The shrinkage in margin was not uncommon in the construction industry amid stiff comeptition. Nevertheless, an impressive near doubling in the share of profits of associates (mainly from Labur Bina - the developer of Bandar Bukit Tinggi) lifted the PBT ahead of sales (+15% y-o-y). At the bottom-line, the earnings were up almost as rapidly but was almost fully offset by the dilutive impact from the private placement and conversion of warrants which raised the capital base by c. 17%. The resultant EPS was almost unchanged y-o-y at 67.31 sen in 2003. With the dilutive impact from the private placement of 9.6m shares fully reflected in 2003, the anticipated firther increase in earnings for 2004 will filter through in full at the per share level this year. Hence, we are projecting an increase in the EPS to an all time high of 73.0 sen in 2004.


From: DQ

[ Last edited by dadi on 1-4-2004 at 10:11 PM ]

dadi

巴林喜來登大廈工程計劃
WCT工程列入圍名單
updated:2004-04-02 18:55:02 MYT


（吉隆坡訊）WCT工程（WCT，9679）提前完成總值5億6千萬元的巴林F1賽車場工程計劃，使它再次列入該國另一項龐大工程計劃的入圍名單之內。

喜來登大廈總值5億元

該公司與其合作伙伴－CEBARCO WLL的聯營公司，為入圍名單內的4家聯營公司之一，以興建總值5億元的喜來登大廈，後者為喜來登酒店的一部份。

該公司主席拿督阿末蘇菲安日前在一項匯報會中指出，這是該公司提前完成F1賽車場工程計劃所帶來的正面後續發展。該工程計劃為45層高的大廈，並需要以快迅完成方式進行。

該計劃的土地是巴林皇族所持有，而它是與喜來登集團國際合手聯營。至於其他另3家入圍的聯營公司，也是巴林與外國公司聯營的公司。

除了上述的喜來登大廈計劃之外，CEBARCO－WCT公司也在巴林一項全長25公里，總值1億8千萬元的高速公路計劃的入圍名單。而CEBARCO-WCT暗示有望獲得有關工程計劃。

阿末蘇菲安指出，上述高速大道及酒店大廈的工程合約花落誰家，預料於未來數個月內揭盅。

他指出，在完成F1賽車場工程計劃之後，目前該公司在巴林修建著一條總值1億元的公路計劃。

計劃競標其他中東國家合約

除了巴林之外，該公司也計劃到其他中東國家競標工程合約。與其他另3家國際建築承包商，該公司為其中8家財團的入圍名單之一，以承建將是全球最高建築－杜拜大廈。該計劃的建築成本約為20億美元（或拆合馬幣約為76億元）。

該公司及其他國際合作伙伴也在卡達的電台及電視擴播中心工程計劃的初步階段合格名單內，該項工程料會在今年杪揭標，而合約總值為5億元。

他指出，目前該公司手中的工程合約總值為12億元。



星洲日報／財經‧2004/04/02

dadi

WCT ?Is it time?
By: Surf88
Date: Tuesday, April 06, 2004
Time: 7:53:06 AM
  
WCT抯 share price has underperformed most construction peers this year, despite projected 16% net profit growth and only 10.2x fully diluted 2004 PER
Working towards securing RM1.3B-RM1.4B new jobs to add to current orderbook of RM1B, promising positive news flows ahead  
Further sweetener from offer-for-sale of WCT Land which will be listed on the Main Board, the entitlement to which is estimated to be worth 30 sen-45 sen per WCT share; reiterate BUY


Opportunity from weakness.  As the performance of construction stocks has generally been held back by the indefinite postponement of the Double Tracking project, we see opportunities in WCT Engineering Bhd (WCT) (RM6.00, stock code 9676).  The stock has under-performed most of its peers and more so against the KLCI, notwithstanding its solid fundamentals and potential positive news and sweetener ahead.   



Starting with RM1.1B contracts.  For a start, WCT boasts a respectable RM1B in terms of outstanding construction orderbook, as tabulated below, where about 63% comprises higher-margin infrastructure and civil works.  The contracts, which span from internal property construction jobs to expressways in India, are expected to underpin WCT抯 earnings up to mid-2005.  



WCT - Outstanding Construction Orderbook


Outstanding orderbook             Outstanding contract value (RMM)        Locality
Bakun Hydroelectric                      336                               Local
Guthrie Corridor Expressway              102                               Local
Extension to Guthrie Corridor Expressway 47                                Local
Bandar Bukit Tinggi 2                     7                                Local
Panagarh-Palsit Expressway*              65                          Overseas - India
Durgapur Expressway*                     50                          Overseas - India
Seef Flyover*                            40                           OverseasBahrain
Total                                    647

Building
The Curve, Mutiara Damansara             180                                Local
Bandar Bukit Tinggi 1& 2, Klang          102                                Local
Putrajaya                                100                                Local
Others                                     7                                Local
Total                                    389
Grand Total                             1,036
  




* Outstanding contract value based on WCT抯 respective equity stakes



Success in Bahrain?/SPAN> Especially worth a mention is WCT抯 overseas exposure, where the recent completion of the Formula One racing track in Bahrain has given it a strong testimony not only in Bahrain, but also other Middle East countries.  Due to the early completion of the project, WCT is hopeful of claiming RM14M bonus, which is not incorporated in our 2004 earnings forecast (potential boost of 3%).   As we understand, WCT is close to clinching a RM180M-RM200M expressway contract in Bahrain, and is also eyeing infrastructure works for an aluminium plant.   



卆nd the promise of more.  Elsewhere in the Middle East, WCT has been pre-qualified to bid for the construction of a new headquarters for Qatar抯 Radio and Television Broadcasting Services worth RM500M (likely to be with local joint-venture partners), as we reported recently (see <Archive>).  WCT has also spread its wings to Dubai where it is part of a four-party consortium (10% stake) pre-qualified to bid for a US$2B building contract.  In other part of the world, WCT is in advance stage of negotiations for the construction of another Formula One racing circuit, this time in India following its success with Sepang and Bahrain.  



Eyeing RM1.3B-RM1.4B potential new contracts.  In total, WCT is hoping to secure RM1.3B-RM1.4B worth of new construction jobs over the next six to 12 months, which promises a steady stream of positive news flows ahead.  As indications, this would be about doubling RM638M worth of new contracts secured last year (90% external), which was already respectable given the relative construction lull locally.  In 2004, WCT will be vying for more building jobs in Putrajaya, waterworks and dam, and possibly even a highway project.  



What about property?  At the same time, WCT抯 property division, which contributes about 50% of group pretax profits, is also doing well.  To recap, WCT holds a 50% stake in Bandar Bukit Tinggi 1 (BBT1) in Klang (in the process of acquiring the remaining 50%), 100% of Bandar Bukit Tinggi 2 (BBT2) which is next to BBT1, and 100% of a yet-to-be developed Klang township.  BBT1 and BBT2 will sustain WCT抯 developments up to 2008, while the new township will take the company well beyond.  In total, we are looking at estimated gross development value of about RM3.4B (more than half undeveloped) on total landbank of over 1,300 acres.  Based on our latest update with management, its recent launches of shop houses in BBT2 were again well received.  



Sweetener from the listing of WCT Land.  More importantly for shareholders, WCT is set to surface value for its property division, which will be listed on the Main Board as WCT Land (WCTL) via a reverse takeover of Bescorp (susp, stock code 9156).  The exercise also comes with an Offer For Sale (OFS) of 22M WCTL shares to the minority shareholders of WCT.  WCT is awaiting the last stages of authorities?approvals for the scheme, and at this juncture, full details of the OFS are not available.  To the best of our ability, we estimate that the OFS could be on a 1-for-4 basis at RM0.73 - RM1.00 per WCTL share.  Based on 12-14x 2004 PER for WCTL, the entitlement to the OFS could be between 30 sen and 45 sen per WCT share, or 5%-7.5% of the current share price.  The listing of WCTL is tentatively scheduled in Jun 2004.  



Reiterate BUY on WCT.  With new construction contracts on the cards coupled with the pending listing of WCTL, we see potential catalysts to help reverse the under-performance of WCT抯 share price.  This is especially as the stock is trading only at 10.2x 2004 PER based on fully diluted EPS of 59 sen, relative to expected net profit growth of 16%.  This ranks WCT among the cheapest construction majors in Surf88抯 coverage, and on par with AZRB (RM2.87, stock code 7078) which is also on our BUY list.  Take note that our valuation has assumed full conversion of WCT-WA (RM3.60, stock code 9679WA).  The warrant trades at a slight 2.5% conversion discount for current expiry on 6 Apr 2005, but has the flexibility for a five-year extension at the option of the company.  

  
  
  
Category
  
Sector: Construction
Company: WCT Engineering Bhd
Recommendation: BUY

[ Last edited by dadi on 6-4-2004 at 11:30 AM ]

fujishu

大家好像忘了,我来推一推。

fujishu

General Announcement
Reference No MM-040423-64470  
Submitting Merchant Bank : AMMERCHANT BANK BERHAD  
Company Name : WCT ENGINEERING BERHAD  
Stock Name  : WCT
Date Announced : 23/04/2004

   
Type : Announcement
Subject : WCT ENGINEERING BERHAD ("WCT" OR THE "COMPANY")
PROPOSED CORPORATE EXERCISE INVOLVING WCT LAND BERHAD ("WCTL") (FORMERLY KNOWN AS WCT REALTY SDN BHD), A WHOLLY-OWNED SUBSIDIARY OF WCT WHICH IS TO BE LISTED ON THE MAIN BOARD OF THE BURSA MALAYSIA SECURITIES EXCHANGE BERHAD ("PROPOSED CORPORATE EXERCISE")

Contents :

Reference is made to the announcement made on behalf of the Company by AmMerchant Bank Berhad ("AmMerchant Bank") on 24 March 2004 in relation to the Proposed Corporate Exercise.

On behalf of the Company, AmMerchant Bank is pleased to announce that WCT has been informed that the Securities Commission ("SC") has approved Bescorp Industries Berhad's (Special Administrator Appointed) ("Bescorp") application to the SC for the following:-

(i) Further extension of time of six (6) months until 8 November 2004 to implement the Proposed Corporate Exercise; and

(ii) Further extension of time to 8 July 2004 for PricewaterhouseCoopers Advisory Services Sdn Bhd to complete the investigative audit on the pass losses of Bescorp.

This announcement is dated 23 April 2004.





&copy; Copyright 1999-2003, Kuala Lumpur Stock Exchange. All Rights Reserved. Please read our disclaimer.

fujishu

General Announcement
Reference No WE-040423-43657  
Company Name : WCT ENGINEERING BERHAD  
Stock Name  : WCT
Date Announced : 23/04/2004

   
Type : Reply to query
Reply to Query Letter by KLSE reference ID : KM-040422-41780
Subject : ARTICLE ENTITLED: "WCT TARGETS PRE-TAX TO GROW 10-15 PC THIS YEAR"

Contents :

We wish to refer to the letter from the Bursa Malaysia Securities Berhad dated 22 April 2004 and the article appearing in the New Straits Times, Business Times, page B4 on the same date.

We wish to deny making the underlined statement appearing in the said article that reads as "WCT Engineering Bhd. targets its pre-tax profit to grow between 10 and 15 per cent for the financial year ending 31 December 2004.". We wish to clarify that the directors present at the press meeting held on 21 April 2004 had merely mentioned about the historical financial performance of the Company for the previous years and had not made any statements announcing the forecast financial performance of the Company for the financial year ending 31 December 2004.

This announcement is dated 23 April 2004.




Query Letter content :
We refer to the above article appearing in New Straits Times, Business Times,
page B4 on Thursday, 22 April 2004, a copy of which is enclosed for your
reference.
In particular, we would like to draw your attention to the underlined sentence,
which is reproduced as follows:-
"WCT Engineering Bhd targets its pre-tax profit to grow between 10 and 15
percent for the financial year ending December 31 2004."
In accordance with the Exchange's Corporate Disclosure Policy, you are
requested to furnish the Exchange with an announcement for public release
confirming or denying the above reported article and in particular the
underlined sentence after due and diligent enquiry with all the directors,
major shareholders and all such other persons reasonably familiar with the
matters about which the disclosure is to be made in this respect. In the event
you deny the above sentence or any other part of the above article, you are
required to set forth facts sufficient to clarify any misleading aspects of the
same. In the event you confirm the above sentence or any other part of the
above article, you are required to set forth facts sufficient to support the
same, including the relevant basis and assumptions in arriving at the above
forecast. In this respect, you are also required to confirm whether the
accounting bases, calculations and assumptions have been reviewed by the
external auditors.






Please furnish the Exchange with your reply within one (1) market day from the
date hereof.
Yours faithfully


INDERJIT SINGH
Sector Head
Issues & Listing
Group Regulations
CKM
Copy to : Securities Commission (via fax)

&copy; Copyright 1999-2003, Kuala Lumpur Stock Exchange. All Rights Reserved. Please read our disclaimer.

fujishu

还有,公司派送红股的机会越来越高了。

dadi

Top 10 Copanies: WCT bucks the trend
By M Shanmugam

Going by the results of WCT Engineering Bhd over the past 10 years, it would be difficult to conclude that the local construction sector has gone through some tough times.
Since 1994, the profits of this mid-sized construction outfit have been on the uptrend. Even in the difficult year of 1998, when the construction sector shrank by more than 20%, the company showed a modest 7.7% growth in profits compared with 1997.
Since it went public in 1995, profits at WCT have been growing, except for the financial year (FY) ended January 2000 when there was a marginal decline in net profit of 6.6% compared with the previous year. But on the whole, the compounded annual growth rate in profits from 1994 to 2003 is about 30%.
Because of its profit growth, the company has been able to maintain high dividend payouts. For the financial year (FY) ended December 2002, WCT declared a dividend of 14.5%. It is expected to surpass that amount marginally this year.
Since 1999, WCT has been declaring gross dividends of no less than 12.5%. The highest paid out was 20% for FY1999 and FY2000 ended Jan 31.
With its high dividend payout policy, it is easy to guess why WCT is among the mid-cap stocks favoured by fund managers.
Phua Lee Kerk, CEO of Pheim Unit Trusts, says he likes the company for its focused management.
"It concentrates on what it does best, which is construction work," he says. Pheim Unit Trusts has been following the stock since it went public in 1995 and had exposure to it even when the construction sector was experiencing a steep decline a few years later.
Since the crisis, some fund managers have shied away from construction stocks because of the hidden cost incurred by companies in their bid to secure contracts. Because of the hidden cost, the profits are, in most cases, nowhere near what is forecast. Also, most of the big jobs, especially those undertaken by the government, normally go to companies that are well connected but not necessarily efficient, thus affecting earnings.
Phua says Pheim Unit Trusts has exposure to WCT because it has value to offer. "We are a value investor. It so happens that WCT is in the construction sector. But it offers value and the management is focused on building up the company irrespective of the economic outlook," he says.
WCT's order book currently stands at RM1.3 billion but it is expected to grow on expectations of the company securing jobs outside the country. Also, the company tends to make better margins compared with its peers because of the management's willingness to take on tough projects.
One example is the construction of the Formula 1 Grand Prix circuit in Bahrain, a job worth RM560 million. WCT's 50% subsidiary Cebarco-WCT WLL beat off bids from international contractors to win the job that was considered "risky" because of the tight completion schedule. The construction contract was awarded in October 2002 and it had to be completed within 18 months - in time for the races in April 2004.
Despite variation to design, which normally would have entitled the contractor to an extension, Cebarco-WCT WLL completed the job two days ahead of schedule on March 5. The consultants to the project recommended a bonus for the company for accelerating the work. "In normal international projects, the margins are less than 8%. But in the case of the racing track job, WCT earned more than double the normal margins," says an analyst.
The Formula 1 track job in Bahrain earned the company loads of goodwill and also paved the way for other jobs in the country and the Gulf region.
WCT is also currently undertaking the construction of three flyovers in Bahrain's capital city of Manama. This job is worth RM102 million. It is also the front-runner for a 27km highway project in the country worth about RM180 million. In a pre-qualified tender process, Cebarco-WCT WLL has reportedly put in the lowest bid for the highway project. It is also pre-qualified for a RM500-million job to construct the Sheraton Tower project.
WCT is also in India with other Malaysian contractors such as UEM Builders, Gamuda and IJM Corp. In India, WCT has three highway jobs that are being done together with other Malaysian companies. One of the highways - from Tada to Nellore in Andhra Pradesh - in which WCT has a 21.6% stake, has been completed and toll collection is expected to start this year.
In the Gulf, WCT has been pre-qualified for jobs in the United Arab Emirates (UAE) and Qatar. WCT, together with two other international contractors, has formed a consortium that has been shortlisted for the Dubai Tower project in the UAE, which is set to be the world's tallest building. In Qatar, WCT is pre-qualified for the RM500 million Radio and Television Broadcasting Centre in Doha.
For FY2003 ended Dec 31, WCT registered a net profit of RM74.5 million on a turnover of RM911.3 million. Cash flow from operations also reached a record high of RM138.8 million. Prior to this, the best cash flow position achieved by the company was in 2001 - when cash flow from operations was RM81.4 million.
Going by its record profits and cash flow position, shareholders can expect another year of good dividend returns from WCT