Wing Tai - RHB Invest 2015-12-02: Prime Beneficiary Of a High-End Recovery
WING TAI HLDGS LTD W05.SI Wing Tai (WINGT SP) - Prime Beneficiary Of a High-End Recovery
- We like Wing Tai for its diversified earnings base and solid asset backing.
- While a slump in high-end residential sales has saddled it with some unsold inventory, exposure is limited and we see the group as a beneficiary of any potential lifting of cooling measures. Its strong balance sheet enables it to deploy capital opportunistically to landbank and begin a new earnings cycle.
- Maintain BUY with a SGD2.50 TP (46% upside), based on a 40% discount to its NAV.
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