Thursday, July 7, 2016

Wing Tai

Wing Tai (S$6.685): Sells 50% in condo project to JV partner to alleviate QC charges​
- Divesting stake in Nouvel 18 to JV partner, CityDev for $411m
- Project is expected to face $38.2m in extension charges relating to QC rules in Nov
- Maybank KE maintains Hold rating on CityDev but with higher TP of $9.17 with expectations of the company offloading the property before QC deadline
- Maintains Hold rating on Wing Tai with TP of $1.71 despite improvement to balance sheet and QC pressure. Wing Tai still has to move substantial units from its other properties.

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