Stock Name: Wing Tai
Company Name: WING TAI HLDGS LTD
Company Name: WING TAI HLDGS LTD
| Research House: CIMB | Price Call: BUY | Target Price: 1.38 |
CIMB Research raised its rating on property developer Wing Tai Holdings to outperform from neutral and increased the target price to $1.38 from $1.33 on expectations of improving demand for its high-end projects. Wing Tai’s shares were up 0.9% $1.17, and have gained 24% so far this year, outperforming the market.
Wing Tai’s third-quarter net profit fell 74% to $42.3 million, hurt by a fall in sales from its developments.
CIMB said although Wing Tai’s sales were sluggish, this has been priced in its shares, trading at 0.5 times its price-to-book value.
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