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Just to share:
From DMG & Partner Securities : " BUY" call TP: $2.2.(refer to Mypaper).
CIMB Technical Comment
• Prices are now trading near the lower end of its consolidation triangle. Prices
appear to be well supported around current levels.
• Both its MACD and RSI are starting to hook upwards, indicating that the
momentum is starting to build.
• Traders can opt to buy now with a stop placed below the recent swing low of
S$1.63. Closing above the triangle resistance at S$1.76 on strong volume
would suggests that a breakout run is underway. This breakout run, if it
happens, should be able to take prices higher towards S$1.95-2.05 next
Life Is Great
Macquarie recommends BUY with Target Price of $2.03
Wing Tai Holdings
RNAV cut 5.0% on lower prices
Event
Wing Tai reported net earnings of S$53.9m, EPS of 6.92 cents for 2Q11,
+142% YoY. We lower RNAV by 5.0% on lower expected selling prices given
the recent measures to cool the property market. However, we believe Wing
Tai’s portfolio which is skewed towards the mid-to-high end segment of the
residential market is less affected by the measures. We maintain our
Outperform recommendation with a lower target price of S$2.03 (from S$2.14
previously).
Impact
No surprises in 3Q11 results. Net profit was 10% below our expectation of
S$60m but this was due mainly to the timing of recognition of current projects as
there were no new launches. Earnings came mainly from progressive
recognition of Helios and additional units sold at Belle Vue. Share of associates
rose 146% YoY to S$16.9m due to recognition of The Floridian and contribution
from Wing Tai Properties Limited (369 HK, HK$3.21, Not rated).
New projects ready for launch, but demand driven. Wing Tai still has
unsold units in five existing projects. There are also two luxury-end sites at
Ardmore and the recent government land site at Petri Road for new launch
this year, also subject to buyers’ appetite for such projects.
RNAV lowered 5.0%. We lowered average selling prices by 5.0% for Wing
Tai’s projects and consequently lowered our RNAV from S$2.67 to S$2.54.
Based on an unchanged 20% discount to RNAV, our new target price is
S$2.03.
Opportunities for land banking. In our view, Wing Tai was disciplined in not
bidding for land sites when prices were high and secured the Petir Road
project in Oct 2010 at a good price which could give the group 20% pre-tax
margins. With gearing at a comfortable 31% as at Dec 2010, we think Wing
Tai would be selective in bidding for future land sites to augment FY123
earnings.
Earnings and target price revision
EPS lowered 18% in FY11 and 9% in FY12 on change in profit recognition
schedule and lower prices for new projects. RNAV and target price lowered
5.0% to S$2.54 and S$2.03, respectively.
Price catalyst
12-month price target: S$2.03 based on a RNAV methodology.
Catalyst: Successful launch of Le Nouvel Ardmore and Petri Road projects
over the next 6-9 months.
Action and recommendation
Wing Tai offers good value, trading at a 23% discount to book value and at a
34% discount to our RNAV. Outperform maintained
Happy New Year
Our pivot point is at 1.76.
Our preference: short term technical rebound towards 1.76 before a new drop.
Alternative scenario: above 1.76, look for 1.83 and 1.86.
Comment: the RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the share stands below its 20 and 50 day MA (standing respectively at 1.71 and 1.73).
Supports and resistances: 1.83 *1.76 **1.74 1.69 last 1.59 1.56 **1.52 *
// TRADING CENTRAL is a commentary service specialising in technical analysis //
hope u get out of property fast enough.....
today all property stock drop 4-5 %
wingtai summary
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No. |
Date Announced |
Date Transacted |
Company Name |
Name |
Relation |
Type |
Details |
Quantity |
Price |
|
1 |
2011-01-08 |
2011-01-07 |
WING TAI HLDGS LTD |
Cheng Wai Keung |
Director |
Buy |
Open Market Purchase |
3200000 |
1.77 |
// Oops !! wingtai aka crazy horse goin' to run liao !! //
sure or not ?
1.8 meh.... all time high leh...
enghou ( Date: 07-Jan-2011 18:20) Posted:
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CIMB's Technical Comment
• Prices are on the verge of breaking out of its consolidation triangle. Closing
above the triangle resistance at S$1.80 on strong volume would suggests that
a breakout run is underway. .
• Both its MACD and RSI are hooking upwards, indicating that the momentum is
with the bulls.
• Traders can opt to buy now ahead of the breakout or wait for the breakout of
S$1.80 on strong volume before getting in. A stop ought to be placed below
the swing low of S$1.69 or below S$1.63. This breakout run, if it happens,
should be able to take prices higher towards S$1.95-2.05 next.
Life Is Great
Wing Tai Holdings Ltd | |
Company update - The stock to own in a high-end catch-up - by Donald Chua | |
(WINGT SP / WTHS.SI, OUTPERFORM - Maintained, S$1.72 - Tgt. S$2.19, Property) |
Luxury properties have lagged the overall residential sector, which may prove to be the only segment with upside potential especially as foreign demand begins to stir again. With the highest exposure to prime projects under coverage (40% of GAV), we see WingTai as the stock to own in a high-end catch-up. We raise our target price from S$2.05 to S$2.19, still based on a 15% discount to RNAV (S$2.57), on higher capital values for its assets. Our FY11-13 EPS estimates have been raised by 2-8% on the same premise. WingTai trades at a 33% discount to RNAV and had underperformed the FSSTI by 24% last year. It remains our key residential pick, with potential catalysts from a turn in sentiment on the luxury market.
//by CIMB//
krisluke ( Date: 28-Dec-2010 21:18) Posted:
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flap flap flap
krisluke ( Date: 27-Dec-2010 20:16) Posted:
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u got it at 2.2? I got it at today's high 1.66. I cant gauge my selling px yet.
Let me try on my charting skills on tomorrow price level since it's downtrend today, if this baby goes down price level would be 1.640, 1.620, & 1.600. lets say if there is support it will goes 1.660, 1.670, 1.690. *i did not state more else will be long list
The critical support would be 1.600, and resistance at 1.690. 52weeks High 2.13, 52weeks low 1.44, NAV $2.18. The asset backing quite zai. Under my chart i dont know the highest point for wing tai because i did not purchase the historical chart, Highest est $2.8, Lowest $0.485, though not 100% accurate, now current price 1.650?
End of tomorrow it "may" reach one of the price level depends on market sentiment. *I may be wrong, dont buy nor sell base on my explaination. "Caveat Emptor"
So yar EPL, decide for urself..i quite like it when during holiday season heh check out wing tai business.
Cheers!
epliew ( Date: 22-Dec-2010 20:47) Posted:
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2.2 leh... abit high...
what is your target selling price....
iknownothing ( Date: 22-Dec-2010 19:56) Posted:
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epliew ( Date: 22-Dec-2010 19:54) Posted:
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from 1.7x to 1.65/////
now you think he can goes to 2.x
capitalland is only 3.6x.
iknownothing ( Date: 22-Dec-2010 19:39) Posted:
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Ok i am here to cheer on for Wing Tai! will it fly?
Cheers!