,KUALA LUMPUR: Shares in Wah Seong Corp Bhd rose in early trade Thursday after winning a US$35.9mil (RM147.8mil) contract in the UK. The oil and gas service provider rose 1.16%, or one sen to 87.5 sen. Year-to-date, the counter has appreciated some 10%. Wah Seong’s wholly-owned subsidiary WS Engineering & Fabrication Pte Ltd, has clinched a contract worth US$35.95mil (RM147.81mil) for modules fabrication works on a project in the UK. The contract, awarded by UK-based Fluor Ltd, is targeted for completion within 18 months. The scope of work of the contract involves complete fabrication and assembly of pipe rack, process, and structural modules and skid units and testing, pre-commissioning, turnover and load out services for the modules. Wah Seong said the job was expected to contribute positively to its earnings. Kenanga Research is positive on the contract win, serving as one of many much-needed order book replenishments in order for the company to continue maintaining its profitability. “Margins for the contract should be around mid-to-high single digits. This should bring its order book to over RM1.1b, which is still “From here, with the group’s tender book at around RM4b, we feel that continued significant replenishments to order book is still necessary within the next 3-6 months in order to further solidify its recovery trajectory, or face certain downgrade risks,” it said. “No changes to our FY21E/22E earnings of RM22.5mil/RM68.3mil, as we deem our assumptions to have more than encompassed the new contract win. Maintain ‘market perform’ call with a target price of 72 sen, pegged to 0.7x PBV,” Kenanga said.
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