Wing Tai

Wing Tai: 3QFY14 results broadly in line. Net profit fell 59% to $38.4m, while revenue fell 66% to $153.2m on lower contribution from development properties. Revenue was contributed by L’VIV, progressive sales recognized by Foresque Residences, additional units sold at Helios Residences in Singapore, and contributions from Jesselton Hills in Penang, and The Lakeview in Suzhou. Deutsche anticipates the launch of its 469 unit The Crest project at Prince Charles Crescent next. Deutsche maintains Hold with TP $2.02