Stock Name: Wing Tai
Company Name: WING TAI HLDGS LTD
DMG & Partners Research in a May 9 research report says: "Wing Tai reported 3Q12 results with revenue at $128.1 million (-69% y-o-y), mainly due to lower development contributions with the completion of Helios Residences.
"Driven by the lower top-line, gross profit of $66.5 million and operating profit of $30.1 million fell -73% y-o-y and -85% y-o-y respectively. Associate’s profits were up +80% y-o-y to $32.2 million supported by contributions from The Floridian and Ascentia Sky as well as Wing Tai HK which supported 3Q12 net profit of $42.3 million, -74% y-o-y.
"We maintain our view that tepid sales of its portfolio of high-end development projects is not unduly worrying as (i) 0.26x net gearing is healthy and (ii) land bank replenishment in the high-end segment is likely to be challenging currently. Target price of $1.16. MAINTAIN NEUTRAL."
Company Name: WING TAI HLDGS LTD
| Research House: DMG | Price Call: HOLD | Target Price: 1.16 |
DMG & Partners Research in a May 9 research report says: "Wing Tai reported 3Q12 results with revenue at $128.1 million (-69% y-o-y), mainly due to lower development contributions with the completion of Helios Residences.
"Driven by the lower top-line, gross profit of $66.5 million and operating profit of $30.1 million fell -73% y-o-y and -85% y-o-y respectively. Associate’s profits were up +80% y-o-y to $32.2 million supported by contributions from The Floridian and Ascentia Sky as well as Wing Tai HK which supported 3Q12 net profit of $42.3 million, -74% y-o-y.
"We maintain our view that tepid sales of its portfolio of high-end development projects is not unduly worrying as (i) 0.26x net gearing is healthy and (ii) land bank replenishment in the high-end segment is likely to be challenging currently. Target price of $1.16. MAINTAIN NEUTRAL."
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