WingTai

WingTai: 3QRev was at $205.2m +38.5%yoy +3.7%qoq and net profit at $59.5m +156.6%yoy +9.3%qoq. Improvement was due to progressive sales from Helios Residences (approx 71 of 140 units sold), additional units sold in Belle Vue Residences and its Floridian JV with Orchard Parade Hldgs which sold slightly over 80% of 336 units available…

Projects Le Nouvel Ardmore and Foresque Resi are ready to launch and its venture in Guangzhou Knowledge City is a catalyst for further growth. At NAV of $2.25, co now trades at $1.57, a current P/B of 0.7x. City Dev trades at 1.7x current P/B, Capitaland at 1.0x and Ho Bee at 0.7x. Our in-house rates counter as Buy with TP$2.30 and CIMB has Outperform with TP$2.19.