Wing Tai (W05.SG) +3% at $1.74 as developer’s return to profitability in June quarter encouraging investors to take another look at stock, which still trades below book value, unlike large-cap developers, says Dow Jones.

Orderbook quotes suggest shares may struggle to clear last week’s $1.75 high.

“Wing Tai’s exposure to the high-end market should not pose too grave a cause for concern, as we believe this segment of the market will return once fears of a double-dip recession subside,” says Morgan Stanley, which has Overweight call with $2.42 target.

Fiscal 4Q10 net profit at $68.9 million vs $53.9 million loss year earlier, aided by increased sales, fair value gains on investment properties, increased contributions from associates and JVs. Total dividend of $0.05/share proposed vs $0.04/share year earlier.