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MY : WCT Holdings - Saved by one-offs but recovery is under way

1QFY21 results were below expectations with a core net loss of RM41m. Stripping out one-offs, the 25-131% yoy growth in construction and property development’s core EBIT is a sign of a gradual earnings recovery. CY21F P/BV of 0.2x remains compelling. Add call retained with a lower TP.


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