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Saturday, December 15, 2012

KLCI Stock - WCT / 9679 - 2011 Quarter 3

WCT BERHAD


Company Description
WCT BERHAD, formerly WCT Engineering Berhad, is a Malaysia-based company. The principal activities of the Company are that of civil engineering works, investment and property holding, and provision of management services to the subsidiaries. It operates in four business segments: civil engineering and construction, which includes civil engineering works specializing in earthworks, highway construction and related infrastructure works; property development, which include the development of residential and commercial properties; property and investment holding, which includes property investment and trading in property, and trading, which includes trading of building materials. It has operations in Malaysia, Middle East, Mauritius and India. On March 8, 2008, the Company established a new 70%-owned subsidiary, Allied WCT LLC(AWCT). On February 28, 2008, WCT Engineering Berhad incorporated a new wholly owned subsidiary, WCT (S) Pte. Ltd.

Company Info 
Listing Date1995-02-16
Market Capital (Capital Size)2,360,343,973 (Large)
Par ValueRM 0.50
BoardMain
SectorConstruction
Major IndustryCivil Engineering
Sub IndustryInfrastructure Construction
Websitehttp://www.wct.com.my

My Analysis 
Forecast P/E now(2.35-0.065)/0.1838 = 12.43 (Moderate)
Target Price2.48+0.065 = 2.55 (PE 13.5, EPS 0.1838, DPS 0.065)
DecisionBUY if stock price strong sustain above SMA50 or wait rebound at SMA100
Comment
Revenue increased 11.3% and was second consecutive quarter increasing and also higher than preceding year corresponding quarter 22.1%, eps increased 2.1% and also higher than preceding year corresponding quarter 5.8%, negative net cash from operating hence increased borrowings to cover all expenses, current assets increasing indicate Group expanding, gross margin near historical high around 23% but sometime drop below 20%, liquidity ratio indicate can meet current obligation, gearing ratio indicate very high liabilities risk but already improve compared to earlier year and this is acceptable if maintain high profit, higher debt ratio but still far from historical high, higher receivables collection period than payables repayment period can cause more cash need, higher property development cost can indicare more property development works, Civil engineering & construction segment margin big drop offset by property segment growth
First Support Price2.34
Second Support Price2.25
Risk RatingMODERATE

Research House
UOB Target Price2.37 (2011-09-23)
Jupiter Target Price2.54 (2012-08-10)
BIMB Target Price2.46 (2012-08-16)
AMMB Target Price2.62 (2012-11-05)
HwangDBS Target Price3.22 (2012-11-22)
Kenanga Target Price2.73 (2012-11-22)
OSK Target Price2.83 (2012-11-22)
RHB Target Price1.87 (2012-11-22)
Alliance Target Price2.84 (2012-11-23)
CIMB Target Price2.82 (2012-11-23)
HLG Target Price2.85 (2012-11-23)
Maybank Target Price2.84 (2012-11-23)
MIDF Target Price2.7 (2012-11-23)
TA Target Price3.04 (2012-11-23)
ECM Target Price2.75 (2012-11-26)

Accounting Ratio 
Return on Equity9.95%
Dividend Yield2.77%
Gross Profit Margin22.76%
Operating Profit Margin15.92%
Net Profit Margin12.58%
Tax Rate33.07%
Asset Turnover0.3582
Net Asset Value Per Share1.9
Net Tangible Asset per share1.9
Price/Net Tangible Asset Per Share1.43
Cash Per Share1.12
Liquidity Current Ratio1.8729
Liquidity Quick Ratio1.597
Liquidity Cash Ratio0.7221
Gearing Debt to Equity Ratio1.8556
Gearing Debt to Asset Ratio0.621
Working capital per thousand Ringgit sale66.8%
Days to sell the inventory95
Days to collect the receivables244
Days to pay the payables170

Technical Analysis 
SMA 102.376 (Downtrend)
SMA 202.359 (Uptrend 23 days)
SMA 502.342 (Same)
SMA 1002.257 (Uptrend)
SMA 2002.125 (Uptrend)
MACD (26d/12d)0.011154 ( 0.002577 )
Signal (9)0.013463 ( 0.000577 )
MACD Histogram0.002309 (Bearish trend 2 days)
Bolinger Upper Band2.422
Bolinger Lower Band2.296

My notes based on 2012 quarter 3 report (number in '000):-
- Lower pbt from Civil engineering & construction segment due to lower contribution from overseas division

- Higher pbt from Property Development segment due to higher sales recorded from property launches

- Estimate next 4Q eps after 2012 Q3 result announced = 167834*1.1/1004402 = 0.1838, estimate PE on current price 2.35 = 12.43(DPS 0.065)
- Estimate next 4Q eps after 2012 Q2 result announced = 0.2217, estimate highest/lowest PE = 12.29/10.89 (DPS 0.075)
- Estimate next 4Q eps after 2012 Q1 result announced = 0.2015*1.1 = 0.2217, estimate highest/lowest PE = 11.55/9.56 (DPS 0.09)
- Estimate next 4Q eps after 2011 Q4 result announced = 1754412*0.1/832234 = 0.2108, estimate highest/lowest PE = 12.62/9.87 (DPS 0.09)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0463*4 = 0.1852, estimate highest/lowest PE = 14.47/10.58 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.044*4*1.02 = 0.1795, estimate highest/lowest PE = 15.65/9.75 (DPS 0.1)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.1699*0.95 = 0.1614, estimate highest/lowest PE = 19.44/14.99 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.0809*2*1.05 = 0.1699(offset higher profit from property investment due to profit from this segment usually not maintaining), estimate highest/lowest PE = 17.95/16.01 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0809*2*1.05 = 0.1699, estimate highest/lowest PE = 20.78/16.24 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1703*1.1 = 0.1873, estimate highest/lowest PE = 17.14/14.26 (DPS 0.1)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0441*4*0.9 = 0.1588, estimate highest/lowest PE = 17.51/14.67 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.16, estimate highest/lowest PE = 18.88/15.13 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.16, estimate highest/lowest PE = 16.94/13.75 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0535*4 = 0.214, estimate highest/lowest PE = 12.85/11.07 (DPS 0.1)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.05*4 = 0.2, estimate highest/lowest PE = 13.83/8.48 (DPS 0.095, economy crisis)

WCT latest news (English)

WCT latest news (Chinese)



Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetc_assetliabc_liabminoequicfocficffcashfcfnetfinalsharec_sharem_capdategros_moper_mprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2012-11-2120123N/AN/A-2.29%6.82%441799118018255586155105403571198900.04900.146146483632387741288644212749002063551761921471798682123927490034804716434591334882299282044122303082012-09-3022.76%15.92%12.58%33.07%0.3582-1.91.91.431.121.87291.5970.72211.85560.62166.8%95244170
2012-08-15201222.82.490.03752.25%4.52%396813738383479139951939499795330.04800.0972460594523439872834926128311521787017710196869724965189150764756936629548886024482285681836320406822012-06-3018.17%14.98%12.07%22.81%0.3442-1.91.91.311.091.82681.55790.69611.82530.615566.9%97255172
2012-05-22201212.652.21-2.28%2.28%341570341570516065160640034400340.04910.0491443585822432102636969120071227300917988897149829053879738829717881790975673881609681609618035722012-03-3122.89%18.21%15.11%22.92%0.3527-1.871.871.180.941.86821.57530.63831.72820.594566.6%102262206
2012-02-23201142.752.170.0453.13%10.60%485065153858954187207508479441623930.05760.195945695502388130281051614315642825861759034146090272920252377116784212683037920778863583223482897322387092011-12-3111.71%13.36%11.17%18.15%0.336713.73171.781.781.510.951.66821.430.55181.90360.615162.2%100298282
2011-11-17201132.782.06-2.57%7.47%361976105352453004153351392981144790.04630.13544376188231120726603271364686288169171586195987143832579581188212110370147588104062484913584532620209412011-09-3023.65%17.51%14.64%22.69%0.3408-1.691.691.411.271.69361.49710.78751.86340.607963.5%86237284
2011-08-16201122.911.850.052.47%4.91%3759346915485079910034737789751810.04400.0878442341024103572760876131091927401516625341808844746217157115374117613841019111272285886385649024649362011-06-3022.97%17.01%13.51%22.62%0.336-1.621.621.771.331.83871.61990.87031.98840.624274.0%91241319
2011-05-26201113.192.52-2.44%2.44%315614315614495484954837392373920.04350.04354737828277862531180831701266271244161974549380146812139611481396406185457123359686006386006326145912011-03-3121.62%20.69%15.70%22.72%0.3428-1.571.571.941.451.63331.46670.73342.31230.658166.3%80280325
2011-02-25201043.152.820.052.96%10.08%437674170850194317266771441841503310.05540.18914553484260901530219561537433275150153152811175520956228064150654092508188114969479720179510323039102010-12-3124.73%23.29%21.55%12.16%0.375215.28531.581.581.831.461.6971.49980.75612.40530.663762.7%80244273
2010-11-18201033.632.86-2.05%6.66%35714212708275978216557130562992640.03840.125039050061957265245043615424522394721454570604951162313200688868721188531860355079497479382624008212010-09-3021.55%19.88%16.74%9.75%0.6347-1.531.531.970.781.26891.08510.40082.01670.627516.7%48155170
2010-08-19201023.312.770.052.26%4.61%5135659136855466810578933754687020.04250.086642647452303491280045618968812278131464289293621901382406664147103499275575690279392779345022388742010-06-3014.75%13.02%10.64%31.66%0.8051-1.561.561.811.01.21441.0410.41962.26490.656711.8%39125151
2010-05-21201012.882.43-2.34%2.34%400120400120511215112134948349480.04410.0441390153120042152447453158733322550314540781886166023940679973254632152365845079242979242920365422010-03-3117.22%15.08%12.78%26.10%1.0503-1.551.551.660.841.26261.05720.41861.99210.627310.2%3290104
2010-02-24200943.122.520.052.40%10.84%1207558466660217344211078325491470980.04130.18684482745255318729915081807550233012149123728584972654204226688779213195896969774878780978734020876932009-12-317.07%1.91%1.44%-1.04114.18411.61.61.660.911.41251.22240.39482.37760.667316.0%29117135
2009-11-18200932.812.3-2.46%8.44%1312134345904453886193734333731145490.04240.145651053333095915361183423706892446891493499980002523961397696941727611136470830578716478671120938562009-09-306.57%4.73%4.11%9.40%0.9136-1.591.591.670.931.30591.16950.30992.89220.707515.5%27159169
2009-08-18200922.852.470.053.09%5.98%117795721469107054013984841953811760.05350.1033478145727563723274766201625423275115066911682436925743768911017516818260550650578454378558620555022009-06-309.19%6.73%5.99%-0.8561-1.621.621.620.671.36711.19780.2612.57060.684918.1%32168161
2009-05-21200912.861.79-2.89%2.89%968953968953693086930839223392230.05000.05004637659259141632029191983570198377143474023562070481677106887972426687495861383978463578463515535772009-03-317.72%8.22%7.15%1.22%0.8318-1.581.581.250.831.30641.1340.32982.59060.690615.8%34151155
2009-02-26200842.030.930.0452.80%8.71%1205096380899744084158840327051017700.04140.13014480228250012931229681691729169045135726065068418542505095513841069221435876949717893927823648446492008-12-311.86%3.19%3.66%-0.85028.22571.521.520.70.911.47791.29280.42522.62830.697121.2%32141141
2008-11-13200831.870.925-2.92%11.51%741407260390142417202924340521344750.04210.168239090752789014253919116953651910481369884147417158232273055547061632406406561877180860379946014393132008-09-306.30%6.67%5.72%-0.8789-1.471.471.210.791.64511.42640.3762.1540.649631.8%43189166
2008-08-14200823.31.070.053.84%8.60%942193186249483896160507448381004230.05480.124837748422676422245576117957411562931319081128610664227707155880913525214181970062881827080494025366372008-06-3010.34%9.88%8.90%10.59%0.8809-1.441.442.150.891.49041.30530.40652.1120.650626.5%41177158
2008-05-15200813.742.4-4.76%4.76%920301920301766117661155585555850.07260.07264128400306203028674982228125121612126090212574619081874815544267448211299966742576525176525126936832008-03-318.57%8.46%8.32%13.44%0.7633-1.491.492.361.031.37431.23330.35232.51690.694626.5%41227234
2008-02-26200744.082.970.0456.34%19.55%831819278170182062283530479411478620.13290.422234842402438673231640819536362790301167832127477553151963272844407216226848955292936074035022513924562007-12-319.33%10.28%9.87%17.79%0.79849.14282.542.541.521.971.24831.0680.36372.60620.664817.4%52181200
2007-11-292007310.03.72-5.15%13.21%63084319498827061820146838947999210.10870.282230309432125697191838315431402384281112560807554177325034540423412252812781753205135827635409328482942007-09-3012.04%12.12%11.19%10.71%0.8465-2.472.473.221.591.37751.20450.36912.19460.632922.7%43182163
2007-08-29200728.57.80.0754.47%8.06%76831613190398457113085033791609740.14690.267326313541802153174143213718492087378899221200342423110502438692814426539241347687230025228078N/A2007-06-3012.27%11.46%11.01%27.39%0.7353-2.992.99N/A1.741.31371.10910.2912.55650.661822.2%60211187
2007-05-2920071N/AN/A-3.59%3.59%550723550723462794627927183271830.12110.1211236951415699261572955120170417238979655960758358016333839178796559332213585662245472245476624132007-03-3110.31%9.19%8.40%19.61%0.4923-2.782.781.061.721.30641.06250.32062.52010.663831.6%103277283
2007-02-2720064N/AN/A0.075N/AN/A61569314003744980314981228259880800.13050.4072226616414901751509991112048116310275617325249815238443584335659100114565303921892165212163039007272006-12-3111.99%8.87%8.09%25.58%0.271710.21592.742.741.521.91.32991.0740.36732.54610.666360.0%193469539

Financial Quarter Balance Sheet
yearqrtDeferred tax assets (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment in jointly controlled entity (A-0)Investment properties (A-0)Land held for property development (A-0)Other investments (A-0)Property, plant and equipment (A-0)Receivables (A-0)Trade receivables (A-0)Amounts due from related companies (A-1)Cash and cash equivalents (A-1)Completed development properties (A-1)Current tax assets (A-1)Inventories (A-1)Other receivables (A-1)Property development costs (A-1)Trade receivables (A-1)Convertible Redeemable Debt Securities (L-0)Deferred tax liabilities (L-0)Loans & borrowings (L-0)Long term payables (L-0)Trade payables (L-0)Amount due to associated companies (L-1)Current tax liabilities (L-1)Loans & borrowings (L-1)Other payables (L-1)Trade and other payables (L-1)Minority interest (M-1)
2012317506-170172185587834727785997502576792743363731181006920654--48180525973303573588355-349821018623452138105799-22413619427235805397255206355
2012218012-165749208886835425758197502660942845853897451019893163--52023580837293009523936-34177922219481043114372-10898661465192623418129217870
2012119076-16677823368265572616909750264618272513369330977766461--51301581468300416542587-36736823966475122100433-5618485219210634499241273009
2011423624-159529158181402326643897502702502615853746401012790002--51431622060289564634061-3537191774033610989732-6718466059396441562346282586
20113151221084175678-67539824784298042589102541004270439851074622--59938357176208168610318-3705191550624453298552-4154470959473003416570288169
2011219616961178016-64604523759898042644742366454198949401140880--68331329928218457651821-378161073234230597108310-4851304179472768529121274015
2011118161-173735-61861021781498042744792370134095879361247709--69068610031214348636533-37179105264422954897446-2809546307481504670646271244
201047219-176966-614266220761980429216323396638932442231162407--74393284615228783854594-253841127422226541105176-1136505439228353802505275150
201038775-171091-54645022811698043007962574074253024228618217--86875269203196636782106-2047554482725073691946-12184517114259812753342239472
2010211619-176070-54468518067998043106852719824557304452795932--106189299108222735875075-1508853991226398184594-104165956652533141037486227813
2010119793-177084-52517018822198043227562737883807005302664432--107210242155218888766228-2054049367526549580410202649518364267574798726225503
2009423442-181113-42576118727798044152442823734045445515713534--1137092834442300141206971-91227916892783911047562635302067072818741318176233012
200938010-201340-424482262926104983375402826524819705619734654--1261863290741971441703238-4431827828283102125784-24333186383084531741165244689
200928377-199558-4244822540601049834719827423050668215060526236--1459843592931953311514468-2274835686288733131819-37752937663120211406692232751
200917789-199971-4244822441821109836780129228549863515393654279--1522973864101898051193232-638282504729181196109-13544292373895941163385198377
200846324-189102-4244812534241129837308228368543870314957719316--1505273730691625971079663-612783123049749196391-209301720444386945414169045
2008387-155676-40886718246013098359873--43082637452--89189-2816241737667-4234839592--3370110742262276-1388646191048
20082102-148260-41011017372014898351330--37283730018--407993204982915631256261-3353656667--6244820913475077462292775011156293
200811047-142410-41020916667315498330533--32457784925--419773168242721341613713-3700635673--57841125684068404201971330679121612
200747542-140999-40355415624115498321733--41701710617--936021562102586551177888-5442357330--3029412292585467410819914764279030
200735602-141279-9540316338317748481831---56952837331847626791367302269951143958574655871311907---22284510774323971686111238428
200725130-141715-9540315691418198411841--600399183354976335825195529244344919840563577813305413---30196467433369155505065208737
200715294-138747-9540215453118648386966--9186385243387125991783158239253561718211552487530308473---12586387383341752459983172389
200645887-140177-9540214963519098365790--1887741158930833-6371470142553186259075413977393185549078-53359712309904366279429251163102

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesShare of net profit of jointly controlled entityOther expenses
201234417991838234125319155391419538315349515336771
20122396813109303247281538618153204862516409324810298
20121341570118272633831539641891586225540527554319
20114485065983542826715306446992277835924693-13919
20113361976120282763711603773231794816785649-11588
20112375934114902895941660915831684115203458-7132
20111315614112562473811870915844164829002950-2288
2010443767411469329423140672645622389386646430-10364
201033571425827280194127411561516414233931528-5154
20102513565173104378151190211524157403604273-4691
20101400120133433312051165080301479928302425-1800
200941207558851011221331074274303169166954996-23214
2009313121345065122599012142400715679154483900-4330
2009211779572185106970112736455115067307724024-9386
20091968953844894119146882591316070292414321-5002
2008412050965810122753012089198903225355696406-3604
200837414073146947341165015143988886794584-2445
200829421938883844758122402021818628301753067-5956
200819203011029384141777782075216870107336526-4903
200748318191459575424776022780615758195264112-4068
20073630843756555490369881335011785241061127-1026
200727683162316767405164041264815734276132960-3164
20071550723907749393059361064812042100191605-4789
2006461569312741541862679369341387088031985-12284

Financial Quarter Segments Revenue
yearqrtElimination/AdjustmentProperty developmentTradingProperty investmentCivil engineering & construction
20123166398143972-23966442059
2012235568110967-19614301800
20121353455343-13186276575
2011422223292359-14710600228
20113746779678-12932276833
201122544950499-12970337914
20111619556928-11699253182
201047368449879-12534448945
201032698385962-6238291925
201021601954452-7980467152
201012036044072-7844368564
2009427657030693-86571444778
2009311950553254-119581366427
2009256144431251582113211173834
20091682893193618537985985784
200842922554775538067550331258971
2008312206767595142971106780476
20082807855793633356983930703
2008113962942249387391643977299
20074232953467084667142696982118
200731358127862621568681665780
200721281936215744037695789620
200711328356650240110716576230
20064143889531445026338768586831

Financial Quarter Segments Profit
yearqrtElimination/AdjustmentProperty developmentTradingProperty investmentCivil engineering & construction
20123-41599-1032918395
20122-27356-79630824
20121-8535-686647272
2011436284209-998946974
2011337021150-1102031592
2011277513395-922940551
20111403316179-877844383
201041889417133-3663166806
20103295029078-279542072
20102625916279-1341643407
2010193912679-337943349
20094797854114-742791335
2009354799570-782050217
20092438712025507322067887
200911592510007414881782262
20084475298529062726894553
200832087414897645666849437
2008210700307633434362957590
200812506512352362282580638
20074105645312921040536158107467
2007318399212766036220875364
20072124462017510409126263937
200714765215528836297322833
200646350720437123203558048664

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = average working capital per thousand Ringgit sale
inv_d = average days to sell the inventory, rec_d = Average days to collect the receivables


CURRENT


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


HISTORICAL


CHANGES IN SHAREHOLDING


ARCHIVES


CHANGES IN SHAREHOLDING




CHANGES IN SHAREHOLDING

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