WCT above $2.85 by 15-Jan-2010

  • target price: $2.85 ( 8.78 % in 15 days)
  • price when predicted: $2.62
  • current price: $1.70
  • 3171 days pass target date.
MARC revises WCT bond ratings

PETALING JAYA: Malaysia Rating Corp Bhd (MARC) has revised construction firm WCT Bhd’s bond ratings outlook to “developing” from “negative” as concerns regarding the latter’s ability to weather the setback from a cancelled project decreased.

The rating agency said in a press release yesterday that WCT has written back all of its profits in relation to the terminated Nad-Al Sheba racecourse project and has settled its performance security deposits of RM218.6mil.

MARC added that the company has shown it could replenish its order book, which now stood at RM3.3bil after securing the RM766mil Medini Iskandar and the RM363mil first package of the low-cost carrier terminal at KL International Airport.

MARC said the “improved order book position will support the group’s ability to improve its financial performance after a weaker set of results for financial year 2008”.

It said an improvement in the company’s cash-generation capacity coupled with the “potential release of significant liquidity from retention sums for completed Middle East projects could likely mitigate in large part its heavy debt maturities in 2011”.

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Pls take note 11-Jan 2010, insider is accumulate company share!!!
Get ready urself, sure got some GOOD news going to announce soon...
WCT Berhad will be in the closed period commencing 25 January 2010 for dealing
in its securities pending the announcement of its results for the Fourth
Quarter ended 31 December 2009. The Company wishes to inform that is has
received notification from the following Directors of their intention to deal
in the securities of the Company during this closed period.
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