Stock Name: Wing Tai
Company Name: WING TAI HLDGS LTD
Company Name: WING TAI HLDGS LTD
| Research House: Kim Eng | Price Call: BUY | Target Price: 2.12 |
Kim Eng Securities kept its buy rating and lowered its target price on Singapore-listed property developer Wing Tai Holdings (WTHS.SI) to $2.12 from $2.30.
Kim Eng has lowered its target price to $2.12 from $2.30 as it ascribed a higher 30% discount to Wing Tai’s restated net asset value on the back of continued government policy challenges for developers.
Wing Tai announced the sale of a unit at its Singapore property Le Nouvel Ardmore at $16.7 million without discount and Kim Eng estimated that this will translate to a price of around $4,200 per square foot.
Kim Eng has lowered its target price to $2.12 from $2.30 as it ascribed a higher 30% discount to Wing Tai’s restated net asset value on the back of continued government policy challenges for developers.
Wing Tai announced the sale of a unit at its Singapore property Le Nouvel Ardmore at $16.7 million without discount and Kim Eng estimated that this will translate to a price of around $4,200 per square foot.
This was 20% higher than Kim Eng’s earlier estimate of $3,500 per square foot for the project.
Kim Eng said that despite uncertainties brought about by policy challenges, the demand for well-located, high-quality projects such as Wing Tai’s Foresque Residences will continue.
The demand for mid- and high-end projects, which make up the bulk of Wing Tai’s landbank, will continue as they are more resilient to policy measures.
At 10:47 a.m., Wing Tai shares were up 0.67% at $1.49, and have fallen about 12% so far this year.
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