Home Capital Broker's Calls

Wing Tai 'taking flight' with FY2022 results, dividends a 'positive surprise': DBS

Bryan Wu
Bryan Wu8/30/2022 11:28 AM GMT+08  • 3 min read
Wing Tai 'taking flight' with FY2022 results, dividends a 'positive surprise': DBS
Wing Tai has declared a total dividend of 6 cents per share for the FY2022. Photo: Wing Tai
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

DBS Group Research analysts Derek Tan and Rachel Tan have maintained their “buy” recommendation for Wing Tai Holdings with an unchanged target price (TP) of $2.05.

In their report dated Aug 29, the analysts note that Wing Tai’s FY2022 net profit “surged” by 222%, driven by higher contributions from associated and joint venture (JV) income from Wing Tai Properties Limited and Uniqlo JVs, while FY2022 revenue was up 12% year-on-year (y-o-y), broadly in-line with their estimates.

Their TP of $2.05 implies a price to net asset value (P/NAV) ratio of 0.48x, which is 1 standard deviations (s.d.) above Wing Tai’s four-year historical P/NAV ratios, while their valuation is based on a sum-of-the-parts revalued net asset value (RNAV) with a 50% holdings discount.

Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.