Wing Tai

Wing Tai (S$1.80) Huge 3QFY16 earnings miss; sales deadlines loom
- 3QFY16 net profit down 27%, on the back of weaker revenue (-35%), coupled with absence of disposal gain and expense write-back
- 9MFY16 earnings down 85%, mere 10% of full year consensus.
- As sales deadlines loom, and amid lack of visibility, MKE sees stock could face overhang
- Currently trading at 0.8x P/RNAV, 0.4x P/B
- MKE has Hold with TP of $1.93