“Winning the Qatar pipe-coating jobs would be a key catalyst, for they would offer a similar earnings impact to the completed NordStream2 project. “We estimate that the Qatar jobs alone could potentially offer WSC MYR180mil in net profit in 2021-24, ” Maybank said (File pic shows Wah Seong's pipe coating work in Malaysia)
KUALA LUMPUR: On the back of Wah Seong Corp Bhd’s new contract win, Maybank Investment Bank Research is positive over the group’s improving prospects and opportunities ahead.
“Valuations are still undemanding (six-eight times 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.
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