$WCT Holdings Bhd is poised for stronger quarters ahead, backed by a robust RM2.5 billion construction order book and RM300 million in year-to-date property sales, aligning with its FY25 target of RM1.1 billion. Despite a 47.3% YoY decline in 1QFY25 net profit to RM12 million due to slower E&C activity, revenue rose 1% to RM472.1 million, driven by growth in property segments. PublicInvest maintains an "Outperform" rating (target: RM1.08/share), citing improved fundamentals from de-gearing, project execution, and upcoming REIT listing (expected June 2025), which should reduce interest expenses. Earnings hinge on order book replenishment and cost recovery.