Wing Tai

[behappyalways]

Why did sales flop at Wing Tai's The Crest?
http://sbr.com.sg/residential-property/ ... tais-crest

[behappyalways]

Wing Tai divests 50% stake in Nouvel 18 to CityDev for $411 mil
http://sgx.i3investor.com/servlets/fdnews/62115.jsp

[behappyalways]

Wing Tai's full-year earnings plunge 95% to $7.1 mil
http://sgx.i3investor.com/servlets/fdnews/62934.jsp

[behappyalways]

Wing Tai 3Q earnings more than treble to $7.4 mil on higher share of profits, lower earnings
http://www.theedgemarkets.com.sg/wing-t ... r-earnings

[behappyalways]

Wing Tai Holdings launches RM1.80/share takeover offer for Wing Tai Malaysia
http://www.theedgemarkets.com.sg/wing-t ... i-malaysia

[winston]

Weak Performance Priced-in

05 Feb 2016

Maintain BUY with SGD1.91 TP

Retain our BUY rating and SGD1.91 TP despite the weak 1H16 results.

We continue to see Wing Tai as well-positioned for this residential down cycle in Singapore.

Its conservative gearing should allow it to replenish land bank on the cheap.

Our RNAV of SGD2.28 is conservative as it incorporates the depressed market value of its listed units, Wing Tai Properties and Wing Tai Malaysia, which is the key variance from its latest book value of SGD4.09 per share.

We have also factored in the challenging Singapore office outlook into our valuation.

Source: Kim Eng

[winston]

vested

Wing Tai posts Q4 profit of S$9.49m

by KALPANA RASHIWALA

WING Tai Holdings has posted a net profit of S$9.49 million for the fourth quarter ended June 30, up from a profit of S$1.88 million in the same year-ago period.

This was on the back of higher share of profits of associated and joint venture companies. A tax credit of S$5.3 million also improved the bottom line.

Revenue fell 58 per cent to S$58.64 million.

Wing Tai said that earnings per share rose to 1.22 Singapore cents in Q4 FY 2017 from 0.24 Singapore cent in Q4 FY 2016.

Net asset value per share rose to S$4.07 as at June 30, 2017 from S$4.04 as at June 30, 2016.

Shareholders will receive a first and final dividend of three Singapore cents and a special dividend of the same quantum.

Source: Business Times

http://www.businesstimes.com.sg/compani ... =EREC-16-4[BT_Newsletter_Debrief]-20170824-[Wing+Tai+posts+Q4+profit+of+S%249.49m]&xts=538380

[winston]

vested

Expect better times ahead

4Q17 and FY17 net profit came in ahead of expectations, making up 161%/341% of our FY17F projections.

The weaker Singapore residential was offset by stronger rental and retail income.

It locked in S$215m of residential sales in China and Malaysia, and replenished its Singapore landbank with the Serangoon land parcel.

Successfully privatised Wing Tai Malaysia; gearing falls to a low 0.02x as at endFY17.

Maintain Add with a higher TP of S$2.32.

Our RNAV is raised to S$3.57.

Our new TP of S$2.32 is pegged at a 35% discount to RNAV.

Potential catalysts are acceleration in balance sheet deployment and restocking land inventory.

Downside risk is a slower-than-expected recovery of the Singapore residential market.

Source: CIMB

https://brokingrfs.cimb.com/qa15szeMyZd ... XkjHw2.pdf

[winston]

vested

Wing Tai to enjoy Malaysia privatisation gains from FY18 onwards: CIMB

by Michele Zhu

SINGAPORE (Aug 25): CIMB Research is maintaining its “add” recommendation on Wing Tai Holdings while lifting its target price to S$2.32, from S$2.05 previously, which is pegged at a 35% discount to a revalued net asset value (RNAV) estimate of S$3.57.

This comes after the property group yesterday posted a set of FY17 earnings that came in ahead of the research house’s expectations.

In a Thursday report, analyst Lock Mun Yee notes that while Wing Tai registered lower residential revenue over the year in review.

Source: The Edge

https://www.theedgesingapore.com/wing-t ... wards-cimb

[winston]

vested

Wing Tai Holdings Ltd: Steady improvement in FY17 results

Wing Tai’s 4QFY17 PATMI increased 406% YoY to S$9.5m mostly due to a positive lift from taxes and higher share of profits from associates and JVs.

We note, however, that operating profit worsened from a S$4.1m loss in 4QFY16 to a S$12.9m loss in 4QFY17 due to lower contributions from property development, though the fall through to the PBT line was partially mitigated by a higher share of profits from Wing Tai Properties Ltd in Hong Kong.

In terms of the topline, 4QFY17 revenues similarly fell 58% YoY from S$140.7m to S$58.6m due to lower development contributions.

Full year FY17 PATMI was broadly within our expectations.

A total dividend of 6.0 S-cents was proposed, unchanged from the previous year.

We continue to like Wing Tai for its compelling valuation (0.52x PB) and healthy balance sheet, and see the group to be well positioned to benefit from firmer conditions in the domestic housing sector.

Maintain BUY with an unchanged FV estimate of S$2.37.

Source: OCBC