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WCT - Clinches RM766m jobs in Iskandar Malaysia
WCT has secured four contracts worth RM766.5m, awarded by Iskandar Investment Berhad (subsidiary of Khazanah), to undertake infrastructure works in Medini, Iskandar Malaysia. The works comprise earthwork, drainage, roads, infrastructure works, sewerage pumping station, electricity sub-stations and 33KV main distribution sub-stations. The project is expected to start in 2009 and be completed by 2011.We estimate the job will add RM61.3m to WCT’s pre-tax profit (PBT) - RM24.5m (+12.2%) in 2009, and RM18.4m each (+9.7% and +9.1%) in 2010 and 2011, assuming 8% PBT margin.RM1b job win target for 2009 now an easy target, now that WCT has clinched the RM766m job. In addition, we understand that WCT is waiting for two Letter of Intent (LOI) jobs in Sabah totalling RM500m to be converted into Letter of Award (LOA) by end-09. Should this materialise, WCT’s orderbook will increase to RM3.5b from RM3b currently.Orderbook replenishment looks promising in 2010. The third LOI (estimated at RM2b) for an infrastructure jo
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