PETALING JAYA: Analysts are expecting solid earnings prospects for Wasco Bhd
, underpinned by recent job wins and healthy order book.
Maybank Investment Bank (Maybank IB) said Wasco’s mid-term outlook showed good promise with its order book standing at RM3.1bil as of end-December 2023.
The research house noted that the energy services company also has a robust tender book of RM7bil.
“We forecast a 31% net profit growth in financial year 2024 (FY24), as we understand that the bulk of the accelerated progress billings for the RM1.1bil East African Crude Oil Pipeline and RM558mil Yinson Holdings Bhd projects will be recognised this year. “Current completion rate for both projects stand at 40% and 50% respectively,” Maybank IB said in a report yesterday.
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