WTEC IPO projected to yield 12% upside

From left: WTEC Group Bhd non-independent non-executive director Eu Tiong Nam, WTEC group executive director Andy Tiow See Yen, WTEC group managing director Tan Kok Kheng, WTEC independent non-executive chairperson Teresa Tan Siew Kuan, Alliance Islamic Bank Bhd chief executive officer Rizal IL-Ehzan Fadil Azim, Alliance Bank group chief corporate & institutional banking officer Teoh Chu Lin, Alliance Islamic Bank Bhd head / senior vice president, corporate finance, Islamic capital markets Tee Kok Wah.

PETALING JAYA: TA Research has set a target price of 28 sen for ACE Market-bound WTEC Group Bhd, indicating a 12% upside from its initial public offering (IPO) price of 25 sen per share.

The research house stated that the valuation is based on a price-to-earnings ratio (PER) of 12.7 times its forecasted financial year 2025 (FY25) earnings per share (EPS).