Wing Tai

Wing Tai: 3Q13 results above. Net profit at $94.6m, +123% yoy, +7% qoq, due to devt profit recognition and additional sales in Helios and Belle Vue. Revenue surged 256% yoy to $456m as Verticas Residenes achieved TOP and additional profits were recognized from Foresque (94% sold) and L’VIV (98% sold). As Helios and Belle Vue are both completed, additional units sold contributed directly to bottom line. Wing Tai is preparing to launch The Tembusu (F/H, 337 units), located at its old corporate HQ along Tampines Road, in the next one to two months. Meanwhile the launch of the Prince Charles Crescent site (99yr L/H, c.600 units) has been deferred to later this year as the Group prepares to construct the showflat. Maybank KE reiterates Buy, lifts TP to $2.64 (30% discount to RNAV) from $2.55. Notes Wing Tai still trades at a deep 24% discount to RNAV, while net gearing is at an all time low of 0.17x. . Nomura rates at Buy with TP $2.49., expects the stock to react positively to the results with discount to NAV to narrow. Deutsche maintains Hold on higher TP of $2.19 (from $2.03).