Wing Tai

Wing Tai: Goldman Sachs revised TP down from $2.24 to $2.04 after lower FYE15E-17E EPS by -10%/-7%/+8% and widening FY15E NAV discount from 30% to 35%. This is to factor in slower sales schedule for Wing Tai’s residential projects as new home sales have been lacklustre, weighed down by the 15% ABSD for foreigners and tighter credit regulations.