s new contract win, Maybank Investment Bank Research is positive over the group s improving prospects and opportunities ahead. Valuations are still undemanding (6-8x FY22-23 PER), for the market has yet to fully embrace the strength of the earnings turnaround outlook, especially for its Qatari and Malaysia prospects, which would feature prominently from FY22, it said in a note.
The research house, which has a buy call and target price of RM1.20 on Wah Seong, maintained its earnings estimates on epectation of its orderbook growing to RM2bil by FY21. Winning the Qatar pipe-coating jobs would be a key catalyst, for they would offer a similar earnings impact to the completed NordStream2 project.
KUALA LUMPUR (June 2): Based on corporate announcements and news flow today, companies in focus tomorrow (June 3) may include: Axiata Group Bhd, RHB Bank Bhd, Serba Dinamik Holdings Bhd, Hibiscus Petroleum Bhd, Techfast Holdings Bhd, Wah Seong Corp Bhd, Datasonic Group Bhd, Sime Darby Plantation Bhd, Boustead Holdings Bhd and Computer Forms (Malaysia) Bhd. Axiata Group Bhd's subsidiary, Boost Holdings Sdn Bhd, and RHB Banking Group have signed a.
KUALA LUMPUR: Wah Seong Corp Bhd’s (WSC) unit, Wasco Engineering International Ltd (WEIL) has secured a RM162.45 million contract from BW Energy Gabon S.A for the supply of oil and gas (O&G) processing and compression modules for a project in Gabon, Africa.