Wing Tai

[winston]

not vested

Wing Tai Holdings Ltd: Lack of disposal gains this quarter

Wing Tai’s 1QFY19 revenue rose 8% YoY to S$77.9m, largely on the back of higher contribution from development properties, attributable to the sale of vacant land at Langgak Golf in Kuala Lumpur.

Without the repeat of significant gains from the disposal of subsidiary companies in 1QFY18 (e.g. Huai Hai project in Shanghai), PATMI fell 87% YoY to S$2.2m.

After accounting for the group’s foreign exchange loss and gain on disposal of PPE, we deem this set of results to be under our expectations.

We note that the group continues to expect buying sentiment for private residential property in Singapore to remain subdued, following the property cooling measures announced in July 2018.

Separately, with more than 90% of units launched in Phase 1 of the group’s Malaren Gardens project already sold, we understand that plans to market Phase 2 are in the works.

Source: OCBC

[behappyalways]

Wing Tai announces 14% lower 2H earnings of $18.2 mil in absence of one-off gain
https://www.theedgesingapore.com/wing-t ... e-one-gain

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Wing Tai posts 85% drop in 3Q19 earnings to $10.1 mil on lower share of profits of associates, JVs
https://www.theedgesingapore.com/wing-t ... ciates-jvs

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Wing Tai acquires Tokyo hotel for $53.6 mil
https://www.theedgesingapore.com/capita ... el-536-mil

[behappyalways]

Wing Tai FY19 earnings down 79% to $46.8 million on lower revenue and contributions from development properties
https://www.theedgesingapore.com/capita ... tributions

[winston]

not vested

Wing Tai Holdings Ltd: Weak set of results

Wing Tai’s 4QFY19 revenue fell 41% YoY to S$63.4m, dragged by lower contributions from development properties (-24.1% YoY).

FY19 revenue fell 10% YoY to S$322.6m. 4QFY19 PATMI declined 86% YoY to S$18.1m, while FY19 PATMI fell 79% YoY to S$46.8.

The latter formed 87% of our initial full year forecast, which we considered to be below our expectations.

The decrease in PATMI was mainly attributable to the absence of one-off gain on the disposal of a subsidiary company and also due to lower contribution from Wing Tai Properties Limited in Hong Kong.

A full-year dividend of 8 cents per share was declared, unchanged from last year.

We currently place our BUY rating and fair value estimate of S$2.41 under review.

Source: OCBC

[behappyalways]

Wing Tai Holdings' profits surged 79% to 32.82m in H1
https://sbr.com.sg/commercial-property/ ... 282m-in-h1

[behappyalways]

Analysts mixed on Wing Tai Holdings following its 2H20 net loss of $16.8 mil
https://www.theedgesingapore.com/capita ... ss-168-mil

[behappyalways]

Wing Tai Holdings posts 73% growth in 1H20 earnings to $56.8 mil
https://www.theedgesingapore.com/capita ... gs-568-mil

[winston]

not vested

Wing Tai (WINGT SP)The company bought back a total of 1.1mn shares over the last two days, the first share buyback it has conducted since 2018.

The company currently trades at attractive valuations of only 0.4x historical P/B, a discount to the 10-year P/B average of 0.5x.

Source: KGI