Wing Tai Holdings - A long wait | I3investor

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Wing Tai Holdings - A long wait

StockFanatic

Publish date: Fri, 14 Aug 2015, 03:33 PM

Wingtai's FY6/15 core net profit was below at 51% of our and 36% of consensus estimates, on weaker development earnings and lower overseas contributions. We think that Wingtai could remain range-bound as weak earnings cap capital appreciation, while a strong balance sheet of 0.1x and cheap valuation of a 42% discount to RNAV limit downside risks. Investors are essentially being paid a dividend of 1-2% as they wait for a turnaround in the stock. We maintain our Hold rating with lower RNAV-based target price and core EPS as we push back development earnings.

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