WCT HOLDINGS BERHAD Entitlement subjectShare DividendEntitlement descriptionFinal share dividend via a distribution of treasury shares on the basis of one (1) treasury share for every one hundred (100) existing ordinary shares held in the Company on 12 August 2020 in respect of the financial year ended 31 December 2019. Any fractions arising from the distribution of treasury shares will be disregarded.Ex-Date11 Aug 2020Entitlement date12 Aug 2020Entitlement time05:00 PMFinancial Year End31 Dec 2019Share transfer book
13-Jul-2020 Insider TAN SRI LIM SIEW CHOON (a substantial shareholder) acquired 400,000 shares on 10-Jul-2020. 13-Jul-2020 Insider TAN SRI LIM SIEW CHOON (a substantial shareholder) acquired 500,000 shares on 09-Jul-2020. 13-Jul-2020 Insider TAN SRI LIM SIEW CHOON (a company director) acquired 400,000 shares on 10-Jul-2020. 13-Jul-2020 Insider TAN SRI LIM SIEW CHOON (a company director) acquired 500,000 shares on 09-Jul-2020. 09-Jul-2020 Insider TAN SRI LIM SIEW CHOON (a substantial shareholder) acquired 700,000 shares on 08-Jul-2020. 09-Jul-2020 Insider TAN SRI LIM SIEW CHOON (a substantial shareholder) acquired 600,000 shares on 07-Jul-2020. 09-Jul-2020 Insider TAN SRI LIM SIEW CHOON (a substantial shareholder) acquired 200,000 shares on 06-Jul-2020. 09-Jul-2020 Insider TAN SRI LIM SIEW CHOON (a company director) acquired 700,000 shares on 08-Jul-2020. 09-Jul-2020 Insider TAN SRI LIM SIEW CHOON (a company director) acquired 600,000 shares on 07-Jul-2020. 09-Jul-2020 Insider TAN SRI LIM SIEW CHOON (a company director) acquired 200,000 shares on 06-Jul-2020.
WCT reported disappointing 1Q20 results, only breaking even at the bottom line. Excluding land sale gain of RM16m and other one-off gains, the group incurred a core loss of RM17m. Its operations were severely impacted by the government’s Movement Control Order (MCO) and we believe it could go into losses in 2Q20 before recovering in 2H20. We cut our core EPS by 18-47% in 2020-22E to reflect slow progress billings and lower profit margins. We maintain our HOLD call with a lower 12-month target price of RM0.54, based on a 40% discount to our reduced RNAV.
Below Expectations WCT only managed to break even in 1Q20 vs. consensus 2020E of RM90.4m in profit and our previous estimate of RM98.8m. Our previous core net profit forecast of RM66.8m is unlikely to be achieved given the weak 1Q20 and potential core losses in 2Q20. The sharp fall in revenue and squeeze in profit margin led to the soft result. Revenue fell 29% yoy to RM363m as all divisions had lower revenue: construction (-36% yoy), property development (-13% yoy) and property investment (-7% yoy). Operations were disrupted by the MCO.
Boosted by Land Sale Gain WCT sold a piece of land, generating revenue of RM25m and PAT of RM16m in 1Q20. The land sale offset the net loss of RM17m in 1Q20. Construction works stopped during the MCO except certain works on its LRT Line 3 project that would be hazardous if not completed. Sales galleries were closed and there were no new launches of property projects. Operations only resumed in May 2020. WCT focused on cutting costs including staff costs as revenue declined and managed to generate EBIT of RM24m in 1Q20.
High Order Book to Sustain Operations WCT secured RM1.2bn in new contracts in 1Q20, mainly contributed by the Pavilion Damansara Heights Phase 2 project. This lifted its remaining order book to RM6bn, equivalent to 4.8x of 2019 construction revenue. WCT achieved property sales of RM120m in 1Q20 with the continued focus to clear its inventories. Unbilled sales of RM177m and unsold completed stock of RM742m will likely sustain its property development activity but the property market remains challenging due to weak buyer sentiment. We reduce our RNAV/share estimate to RM1.35 from RM1.50 previously to reflect a lower construction segment valuation. Applying the same 40% discount to RNAV, we cut our 12-month TP to RM0.54 from RM0.60. Maintain HOLD
Thirty Largest Warrants E Holders
No. Names No. of Warrants %
1. Lai Siew Khim 8,100,000 3.43
2. HLIB Nominees (Tempatan) Sdn Bhd
(Hong Leong Bank Bhd for Lim Cheoon Kiat)
6,000,000 2.54
3. Kenanga Nominees (Tempatan) Sdn Bhd
(Pledged Securities Account for Yong Kwee Lian)
4,000,000 1.70
4. Chua Choy Hoon 3,900,000 1.65
5. Hanafi Bin Hamdan 3,817,000 1.62
6. Lim Kiang Huit 3,525,900 1.49
7. Yong Kwee Lian 3,500,000 1.48
8. Teh Kai Thee 3,300,000 1.40
9. Hoh Ngai Soong @ Ho Ngai Soong 3,298,800 1.40
10. Wong Chou Chai 3,280,000 1.39
11. Chan Wai Hong 3,000,000 1.27
12. RHB Nominees (Tempatan) Sdn Bhd
(Pledged Securities Account for Wong Tow Fock)
2,583,300 1.10
13. RHB Nominees (Tempatan) Sdn Bhd
(Pledged Securities Account for Tan Shiow Peng)
2,558,200 1.08
14. Ang Ching Keong 2,510,000 1.06
15. Ngeow Swee Chyi 2,500,000 1.06
16. Ang Kwang Heng 2,204,520 0.93
17. Ooi Bok Khoon 2,100,000 0.89
18. Gurmit Singh a/l Shamir Singh 2,000,000 0.85 15. Cartaban Nominees (Tempatan) Sdn Bhd
(PAMB for Prulink Equity Fund)
15,468,824 1.11
16. AmanahRaya Trustees Berhad
(Public Islamic Select Treasures Fund)
15,457,224 1.11
17. Goh Chin Liong 14,653,471 1.05
18. Tan Yu Yeh 14,060,000 1.01
19. HSBC Nominees (Asing) Sdn Bhd
(JPMCB NA for Vanguard Emerging Markets Stock Index Fund)
13,422,399 0.96
20. Citigroup Nominees (Tempatan) Sdn Bhd
(Great Eastern Life Assurance (Malaysia) Berhad (Leef))
12,414,012 0.89
21. Citigroup Nominees (Tempatan) Sdn Bhd
(Great Eastern Life Assurance (Malaysia) Berhad (LPF))
11,969,102 0.86
22. Cartaban Nominees (Asing) Sdn Bhd
(Exempt AN for State Street Bank
Thirty Largest Shareholders
No. Names No. of Shares %
1. UOBM Nominees (Tempatan) Sdn Bhd
(Pledged Securities Account for Dominion Nexus Sdn Bhd)
252,151,827 18.06
2. AmanahRaya Trustees Berhad
(Amanah Saham Bumiputera)
80,881,625 5.79
3. AmanahRaya Trustees Berhad
(Amanah Saham Malaysia 2-Wawasan)
42,123,254 3.02
4. Cimsec Nominees (Tempatan) Sdn Bhd
(CIMB Bank for Tan Sri Lim Siew Choon (PBCL-0G0591)
41,837,700 3.00
5. Tan Sri Lim Siew Choon 41,227,446 2.95
6. DB (Malaysia) Nominee (Tempatan) Sendirian Berhad
(Deutsche Trustees Malaysia Berhad for Hong Leong Value Fund)
36,110,900 2.59
7. Cheah Fook Ling 32,185,276 2.31
8. AmanahRaya Trustees Berhad
(Amanah Saham Malaysia)
26,700,634 1.91
9. Cimsec Nominees (Tempatan) Sdn Bhd
(CIMB Bank for Choo Chuo Siong (PBCL-0G0551))
26,385,500 1.89
10. Citigroup Nominees (Tempatan) Sdn Bhd
(Exempt AN for AIA Bhd)
26,073,093 1.87
11. Citigroup Nominees (Tempatan) Sdn Bhd
(Employees Provident Fund Board (AsianIslamic))
23,092,975 1.65
12. Citigroup Nominees (Tempatan) Sdn Bhd
(Great Eastern Life Assurance (Malaysia) Berhad (LSF))
20,899,922 1.50
13. AmanahRaya Trustees Berhad
(Public Islamic Opportunities Fund)
16,453,234 1.18
14. HSBC Nominees (Asing) Sdn Bhd
(JPMCB NA for Vanguard Total International Stock Index Fund) 15. Cartaban Nominees (Tempatan) Sdn Bhd
(PAMB for Prulink Equity Fund)
15,468,824 1.11
16. AmanahRaya Trustees Berhad
(Public Islamic Select Treasures Fund)
15,457,224 1.11
17. Goh Chin Liong 14,653,471 1.05
18. Tan Yu Yeh 14,060,000 1.01
19. HSBC Nominees (Asing) Sdn Bhd
(JPMCB NA for Vanguard Emerging Markets Stock Index Fund)
13,422,399 0.96
20. Citigroup Nominees (Tempatan) Sdn Bhd
(Great Eastern Life Assurance (Malaysia) Berhad (Leef))
12,414,012 0.89
21. Citigroup Nominees (Tempatan) Sdn Bhd
(Great Eastern Life Assurance (Malaysia) Berhad (LPF))
11,969,102 0.86
22. Cartaban Nominees (Asing) Sdn Bhd
(Exempt AN for State Street Bank
WCT is PN intonation , Muhyiddin around , WCT confirm PICK UP , they are in the same boat direction , breath on MUHYIDDIN , breath on WCT is compulsory .
CEO on rush purchase the WCT chips in open market trade , big perspective hindsight is trace , examines better performance , i realise soonest off shore will follow trend , huge buying in such potential stock .
reluctant to hold , you next regret , time bull run is fitted , WCT huge rewarded BM project , main and sub , enough fancy , rest end luxury of your life
Lol....... Nobody responded........ Khatulistiwa1234..... Why only you got this BM tips..... Wct still in icu.... Tan Sri is the oxygen supply to wct. Lol....
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
VolatileIsMyGold
2,935 posts
Posted by VolatileIsMyGold > 2020-07-08 22:24 | Report Abuse
little bit only la