Advertisements

WSC’s 9M21 results is on track to meet our FY expectation. The setback in 3Q21 and its sub-par FY21 outlook have been well-flagged. Instead, focus is on its FY22 performance onwards, with its Qatar ops poised to inspire growth, delivering similar impact as its Nordstream 2 (NS2) project in 2017. Valuations are undemanding, should WSC deliver to its expectation. Our TP is based on 10x FY22 PER (unchanged). 

Advertisements