Wing Tai: Credit Suisse downgrades to Neutral with TP$1.46 down from $1.53 on slower sales assumption. Notes that while sale of units are still ongoing, luxury project sales will likely be slow on weaker global economic outlook. Positives include low net gearing of 0.22x and deep discount to book of 47% but does not see any near term catalysts.
Interestingly, while RNAV is norm positive to book, we see CS estimate a loss to book. Of course this could be included in NPV of future development profits.
This could imply pricing falling land values in their models.
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