Wing Tai: Having surged 9.6% today and 29% YTD, CIMB does an assessment on why Wing Tai has outperformed, concluding that sentiment could be buoyed by speculation on privatization or a bulk sale of its high-end properties.
CIMB thinks both of these are possible, but at for the moment, they are downgrading to Hold on limited upside (taking a base scenario of that neither a privatization or bulk sale of its high-end properties), given that it is now trading at about 27-28% discount to RNAV, though is aware upside risks from the abovementioned can occur.
Despite downgrading to Hold, their TP is increased to $2.11 from $2.02.
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