Wing Tai 1Q14 Performance In Line With Company’s Expectations
Wing Tai Holdings reported its results for 1Q14 last Friday (25 October 2013) after trading hours.
Revenue came in at $222.8 million, a decrease of 9.8 percent from $247.1 million on a year-on-year basis. Operating profit also slipped from $65.1 million (1Q13) to $43.2 million (1Q14) as a result of lesser contributions from development properties.
The company’s net profit attributable to shareholders fell $47.6 million to $24.5 million, amounting to a 66 percent reduction compared to the same period last year. The reduction in net profit attributable to shareholders was contributed significantly from one-off gains on the disposal of an apparel brand business in Hong Kong as well as office units in Singapore amounting to $64.6 million recorded in 1Q13.
Significance: Wing Tai’s turnover from the sale of residential units in Singapore accounts for more than 50 percent of its FY13 turnover. Consequently, in view of the adverse climate in the current real estate sector and Monetary Authority of Singapore’s commitments to cool off any further price increase in Singapore’s residential properties, the company is expected to report rocky performance ahead.
07 Apr 2015 16:10 CST DJ Wing Tai De-Listing Rumor Doesn't Stack Up: DBS -- Market Talk 0810 GMT [Dow Jones] DBS Vickers Securities keeps Wing Tai (W05.SG) at a target of S$2.22, but is cautious about a recent surge in the stock. Wing Tai is up 24% since the beginning of the year. "We wonder if the stock is rising for the right reasons. We believe that the rumored de-listing of the company will not happen," DBS Vickers says. The brokerage arm of DBS cites the high cost of taking the property developer private as the main reason why it will remain listed. A probable catalyst could be a potential block sale of Wing Tai's unsold units in two luxury projects, it adds. Wing Tai is down 3.8% at S$2.03 while the Straits Times Index is up 0.4%.
today tuan sing got decent vol of 3.3m but the vol was smaller than the vol in Jan 2015 where it hit a lower high of 42cts as well as Oct 2014 where it hit a high of 47cts there is a gap on 10 Oct 2014 between 44 cts and 44.5 cts but the gap is relatively small and most prob no impact
Current support is at 39 and 39.5 Current R is at 42 and 42.5
Today many other property counters also cheong like Tuan Sing : Hope UE will perform even better tomorrow