WCT Bonus shares issue and free warrants Valuation Summary

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WCT proposed a 3-for-20 bonus shares issue and 1-for-5 free warrants. The ex-date will be on 6 Dec 2012 and the new Warrants D will be priced at RM2.25. The rationale for the corporate exercise is to (i) reward shareholders, and (ii) create liquidity for WCT. As the dilution effect will come in gradually,we reiterate our BUY call on WCT with SOP-based target price of RM3.20. 3-for-20 bonus
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