Singapore Stock Market News
Wing Tai Holdings - Cheap enough
StockFanatic
Publish date: Thu, 27 Nov 2014, 10:42 AM
StockFanatic
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At 44% discount to RNAV and 0.43x FY15 P/BV (-1 std dev), Wingtai is cheap. We believe the weakness in the residential market has been priced in and its strong balance sheet and deep discount are likely to support its share price. We upgrade the stock from Hold to Add, as we believe the stock has value for long-term investors. Maintain our RNAV-based TP (30% discount) but cut our FY15-17 EPS by 8-19% as we push back earnings recognition for its high-end projects.
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