Wing Tai: DB maintains Hold rating at TP $1.81. Earnings were lower than expected but noted that it was mainly due to profit recognized by Helios Residences sale. The sale contributed $37.2m in operating profit…
… Factors highlighted were 1) moderation in sales, with the Belle Vue launch selling only 3 units in Sep, and 2) a replenishment of land, Wing Tai acquiring Petir Road for S$177m (345psf GFA) its 1st land purchase since end 07. DB maintains FY11 forecast of profit at $199m, but notes that while valuation at 31% NAV is undemanding, subdued sales continue to keep ratings at Hold.
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