WCT set for stronger quarters with RM2.5bil order book and solid property sales

KUALA LUMPUR: WCT Holdings Bhd (WCT) is expected to deliver better quarters ahead, supported by a healthy RM2.5 billion construction order book, according to Public Investment Bank Bhd (PublicInvest).
The firm added that the company has achieved RM300 million in year-to-date property sales, putting it on track to meet its financial year 2025 (FY25) target of RM1.1 billion.
"Moving forward, WCT's earnings growth will largely depend on its project execution, cost recovery from completed projects and its ability to replenish the construction order book," it said.
PublicInvest said the company fundamentals remain strong, although its core net profit decline of 47.3 per cent year-on-year to RM12 million in the first quarter of financial year 2025 (1QFY25) was largely due to slower activity in its engineering and construction (E&C) division as projects near completion.
Revenue for the quarter rose marginally by 1.0 per cent to RM472.1 million, driven by significant growth in the property development (PD) and property investment and management (PIM) segments.
The firm said the results came in below its own estimates but within market expectations, representing 12.9 per cent and 19.6 per cent of respective full-year forecasts.
"We keep our estimates unchanged, however, anticipating lower interest expenses post the upcoming REIT listing, which is expected to be completed by June, next month.
"The company's fundamentals show improvement, supported by de-gearing initiatives, project executions and order book replenishment," PublicInvest added.
The firm kept its "Outperform" rating on WCT with an unchanged target price of RM1.08 a share, based on 0.4 times the price-to-book value.

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[UPDATED] 'Tan Sri' among new arrests in ponzi crackdown under Op Northern Star

New Straits Times

10 hours ago

New Straits Times

[UPDATED] 'Tan Sri' among new arrests in ponzi crackdown under Op Northern Star

KUALA LUMPUR: Three more individuals, including a "Tan Sri" linked to a major real estate developer, were arrested to assist police investigations into a Ponzi-style investment scam under Op Northern Star. Commercial Crime Investigation Department acting director Datuk Seri Muhammed Hasbullah Ali said the trio were arrested between May 1 and May 17, following new information obtained during the course of investigations. "As of now, the information gathered found no links to any politician. "To date, a total of 17 individuals were arrested. "The arrests were made around Kuala Lumpur and Penang," he told a press conference here today. The three suspects were remanded for between five and nine days, and were subsequently released on police bail. Police have confiscated 477 properties valued at an estimated RM150 million, four condominium units worth around RM12 million, and RM326,088,127.11 from 37 bank accounts. Additionally, four yachts and three passenger boats valued at RM36.3 million, three luxury vehicles amounting to RM637,100, and two watches worth a total of RM160,000 were also seized. Police further recovered over RM283,000 in cash and five mobile phones, bringing the total value of items seized since the operation began to over RM3.8 billion. Bukit Aman's Anti-Money Laundering Crime Investigation (AMLA) Unit also seized five businesses, including a durian farm, a real estate development company, and a hotel — bringing the total number of businesses seized to eight. "Some of these companies are publicly listed, some are private companies which are operating legally even," he explained. Op Northern Star is an investigation into a Ponzi-type investment scam linked to Mobility Beyond Imagination (MBI). On 22 April, police seized and froze more than RM338.53 million in assets related to the case. On 11 April, four men with "Datuk" titles, including two lawyers, were among eight people arrested in the same probe

The Star

15 hours ago

The Star

Restore the sparkle to Ipoh's riverwalk

ONCE a bustling hub in the heart of the city, Kinta Riverwalk, located along the scenic Sungai Kinta in Ipoh, Perak, has lost its charm. First built in 2010 by a local developer, it underwent a RM4mil refurbishment by Ipoh City Council (MBI) in 2022, turning it into a picturesque promenade offering various attractions and activities. However, its condition has deteriorated in the past two years, leaving the area dimly lit and poorly maintained. Radiographer M. Yuvanesan, 33, expressed his dismay over the decline in popularity and the feeling of insecurity now associated with the place. 'The area is quite dark and the walkway near the river needs extra care, especially since children use it,' he said. 'It looks unkempt, like a jungle, leaving visitors feeling unsafe. 'The authorities need to upgrade the area,' said Yuvanesan. Ali Ikram, 45, a businessman who enjoys jogging along the riverbank, reminisced about the area's golden days. The first part of the Kinta Riverwalk redevelopment project covers a 1.6km stretch along the Sungai Kinta reserves between the Jalan Raja Musa Aziz bridge and Jalan Lim Bo Seng bridge. 'It used to be lively in the mornings and evenings. 'Poor maintenance has led to fewer visitors. The city council should restore this area to its former glory,' he urged. Robin Yap, 31, who manages an amusement shop offering kiddy rides, noted that business had not been the same since the initial post-Covid-19 pandemic boom. 'It was booming after the lockdown ended, but now, people prefer newer attractions elsewhere,' he said, adding that the flooring was in poor condition. 'People have slipped and fallen here, including myself. The city council needs to address this issue,' said Yap. Zaril Izaidi Jamarudin, 34, head of operations at a well-known eatery, agreed that the area had become gloomy. Cracks on the walkway near the eateries pose a hazard to visitors. 'Despite having an established market here, there is a need for a revamp. 'MBI should bring in more activities like live performances,' he suggested. Another eatery owner, who declined to be named, expressed disappointment in the lack of support from the state government and local authorities. 'Even during Visit Perak 2024, not a single event was held here. Many shops have closed down,' she lamented. 'It is supposed to be a tourist spot, but we are not being supported.' She has invested about RM300,000 in her business, struggling with maintenance costs for her ice-cream and coffee machines. 'Business is slow because there are no customers, primarily because it is too dark,' she said. 'I have installed lights on my own to show that we are still operating. 'Our customers are mainly tourists, but they have stopped coming because the place feels unsafe and abandoned at night. 'I really hope that there can be solutions to the issues we have raised,' she added. Cafe barista Muhd Aiman Hakimi, 19, had to adjust his business hours due to a lack of customers. 'Everything has slowed down. We used to earn RM3,000 a day, but now it is hard to even hit RM1,000,' he said, attributing the decline to a lack of morning crowds. 'The city council needs to revamp the area and carry out proper maintenance. 'They need to take action as this place is no longer attractive and there are fewer vendors here,' he added. The amusement park at Kinta Riverwalk used to be a hive of activity at night, butnow faces dwindling customers. Tourist attraction Kinta Riverwalk, previously known as the Kinta Riverfront Park, was built by Morubina Sdn Bhd, the developer of Kinta Riverfront Hotel and Suites. Opened in 2010, it was said to have cost about RM30mil and was meant to be one of the major tourist spots for the city. It boasted various eateries and would also have frequent bazaars selling souvenirs and other trinkets, colourful LED-lit trees and also mini replicas of famous world bridges. It had slowly declined over the years before the city council came in to redevelop the area in 2021 to complement the Ipoh Heritage Trail initiative. Muhd Ikhwan: Creativity and marketing are key to winning back customers. The refurbished area was launched in early 2022 and had glow-in-the-dark bridges, entertainment space for children and also shops selling food, arts and crafts. And as part of an effort to boost Ipoh's tourism sector, the Northern Corridor Implementation Authority was also involved in helping to redevelop the area with better pedestrian access and landscape. This redevelopment was part of the Ipoh Special Area Plan, Ipoh Walkable City and Ipoh Local Plan (2035). The project was divided into three phases, with the first part covering a 1.6km stretch along the river reserves between the Jalan Raja Musa Aziz bridge and Jalan Lim Bo Seng bridge. The second phase covered a 195m stretch between the Jalan Lim Bo Seng bridge and Jalan Sultan Idris Shah bridge, while the third phase, between Jalan Sultan Idris Shah and Lorong Hale near Ipoh Old Town, stretched to about 280m. In May 2022, there was an incident which saw a young child falling into the Kinta River while riding an electric toy car there. The child was rescued by the parents and the public. Muhd Aiman says business has slowed down. MBI had then ordered for the company to cease operations while the matter was being investigated. And since then, the number of visitors to the area started to decline. Competing or complementing? Some business owners believe the decline in foot traffic is due to stalls at the nearby DR Seenivasagam Recreational Park (Taman DR) attracting more visitors. A trader who wanted to be known only as Zulkifli, 70, noted that since the stalls began operating, visitor numbers at Kinta Riverwalk have declined. 'The riverwalk used to be lively at night. 'Ever since the city council took over the management of the area about several years ago, it has gone downhill,' he said. A 45-year-old business owner highlighted the difficulty of surviving amid competition. One of the bridges at the Kinta Riverwalk which used to have glow-in-the-dark features. The mayor says the bridge will be decorated with lights. 'We pay about RM2,000 in rent, but at Taman DR, they have lower rent and better business,' she pointed out. 'We used to have 14 shops, but now only five remain open. 'We tried our own marketing, but it is not enough. The crowd just isn't there anymore. 'Rainy days are even worse. No one shows up... we may only see some people during school holidays,' she added. The business owner also said that people were afraid to visit the area due to its unsafe environment. 'The area is surrounded by large trees, and during heavy rain or strong winds, we feel scared. Once, a massive tree fell and damaged the bridge. 'One of the bridges, which was initially glow-in-the-dark, has lost its feature and I feel that it needs to be maintained or given a fresh coat of paint to attract more visitors,' she added. She also believes the rental spaces should be opened up to more than just food vendors. 'We need stalls for crafts and other cultural products to attract tourists and to make it more diverse. Yuvanesan says the riverwalk looks unkempt, like a jungle, leaving visitors feeling unsafe. 'It could be turned into a proper tourist spot if well-kept,' she added. However, not all traders believe that Kinta Riverwalk's unpopularity is due to competition. Barber Hasan Albasri Bukhari, 24, said the stalls at Taman DR were not the reason for Kinta Riverwalk's lack of business. 'I think those stalls (at Taman DR) have nothing to do with it; rather, I think they are helping to bring visitors here. After eating there, people would come and visit this area. 'People want new experiences and anything that goes viral grabs their attention,' he said. 'Perhaps, this place doesn't attract anymore like how it used to as it is quite old and has nothing much to offer,' he added. Site supervisor Muhd Ikhwan Ahmad Sabki, 28, believes creativity and marketing are key to winning back customers. 'Businesses need to adapt. Social media platforms like TikTok can be used to attract people,' he said. 'Get customers to review your cafe. Do something new.' Plans to revitalise Ipoh mayor Zamakhshari Hanipah confirmed efforts were underway to revitalise Kinta Riverwalk. Zaril Izaidi: The city council should bring in more activities like live performances. 'We have conducted several site visits and have taken note of issues brought up, especially on the lack of lighting. 'The area is quite dark and appears unsafe, which may explain why it is not drawing as many visitors,' he said when met at the city council's executive talk this week. To improve visitors' experience, he said MBI planned to instal compound lighting in selected areas to enhance safety and appeal. As for the bridge, he said it was initially designed with a glow-in-the-dark concept, but public feedback indicated a preference for decorative lighting instead. 'So, we will shift towards a more welcoming lighting concept to make the area feel safer. 'We will also look into improving the flooring in the area. 'Our team will go back on the ground to conduct further checks,' he said. Zamakhshari said stalls along the riverbank remained available for rent, with rental rates unchanged since 2020. 'We are open to craft or souvenir vendors, as they help promote Ipoh. 'The Kinta Riverwalk was originally designed to include both food stalls and craft or souvenir shops, but demand has shifted post-pandemic towards more food and beverage operators,' he said. Regarding competition from Taman DR stalls, he said they served as complementary features to the Kinta Riverwalk. He added that stall operators at Taman DR also paid a fee to operate there.

MBKS to act on illegal hawkers as MyKiosk uptake stalls

Borneo Post

16 hours ago

Borneo Post

MBKS to act on illegal hawkers as MyKiosk uptake stalls

Photo shows one of the fruit stalls at the MyKiosk in Tabuan Jaya. — Photo by Aileen Yap KUCHING (May 30): Kuching South Mayor Dato Wee Hong Seng has addressed concerns over the vacant MyKiosk units in Tabuan Jaya, stressing that enforcement action will soon be taken against illegal hawkers who refuse to relocate despite repeated offers from the council. His clarification comes in response to recent remarks by Stampin MP Chong Chieng Jen, who noted that many of the kiosks have remained unoccupied for more than six months since their launch. The MyKiosk initiative, Wee pointed out, was meant to strengthen entrepreneurship, uplift the community's social economy, and provide a safer, more suitable trading environment. 'Priority was given to the B40 (low-income) group and, most importantly, to the relocation of unlicensed traders – those operating in unsuitable and unsafe locations,' he said when met during a site visit yesterday. 'All identified unlicensed hawkers in the Tabuan Jaya area had been invited for briefings and interviews. While some accepted the offer, the majority declined.' Wee added that the Kuching South City Council (MBKS) had done its part in engaging with the traders, and with most refusing to cooperate, enforcement is now the only remaining option. 'We are talking to them, trying to convince them, but it takes time to convince people. 'Now, there is no other choice – we will issue a final notice to all eligible applicants. 'If they fail to comply, we will enforce. If that's what is expected of us, enforcement action will be taken against those who reject the offer without valid reasons.' Wee noted that as of now, out of 40 illegal traders identified in the vicinity, only five had agreed to move into the kiosks. He added that the 28 available stalls would be filled on a first-come, first-served basis during the next application intake in July. Wee also addressed concerns over affordability, stating that kiosk rentals were capped at RM300 monthly, with MBKS charging only RM280 every six months – less than RM2 per day. 'To further encourage take-up, the council is offering six months of free rent.' In this regard, Wee urged eligible hawkers to come forward if they felt their current trading spots were unsafe or if they needed a permanent space to display their goods. However, he reminded them that all applicants must still undergo an interview process, as the kiosks were not being filled merely for the sake of occupancy. 'These facilities here are insufficient to support cooking and related activities because there is no water. So, those are the things we will neither encourage nor allow,' he added. Regarding kiosk applications, Wee explained that the MBKS followed a quarterly schedule. 'The next intake is in July. Is it wrong to tell you to apply then? Nothing wrong, right? 'Don't just keep saying 'when you open, then you open la'. And before we open, don't come and start shouting,' he joked. Wee stressed that the council welcomed suggestions, but urged that they be constructive and not politically motivated. illegal hawkers MBKS MyKiosk wee hong seng