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Quick take: TCS rises on contract win

KUALA LUMPUR: Shares in TCS Group Holdings Bhd rose in early trade Monday after securing a RM177.19mil infrastructure project.

The counter rose 1.72%, or one sen to 59 sen, its highest in three weeks with 21.33 million shares done. It is trading at a PE ratio of 12.9 times.

TCS’ wholly-owned subsidiary, TCS Infra Sdn Bhd, has secured an infrastructure project for part of Section 7, Part 2 of 2 of the West Coast Expressway (WCE) worth RM177.19mil.

TCS said the group had accepted the letter of acceptance from KEB Builders Sdn Bhd for the contract, which is the final section of West Coast Expressway project.

The scope of the contract comprises geotechnical, drainage and road works.

The group said the project was expected to commence in June 2021 and scheduled for completion in 24 months.

TCS managing director Datuk Tee Chai Seng said the group is pleased to have secured its first infrastructure project, which is in line with its growth strategy to expand its infrastructure construction services.

Its latest win has boosted its outstanding orderbook to some RM1.1bil, which will provide earnings visibility for the next three years.

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