Wing Tai Holdings

Data is the new black gold

SINGAPORE (Sept 23): In a few fiery moments, the drone strikes on Saudi Aramco’s main facility at Abqaiq cut 5% off the global oil supply. Oil prices surged as much as 20% when the markets reopened as analysts scrambled to make sense of the impact. The IPO of state-owned oil company Saudi Aramco, already delayed multiple times, seemed likely to be pushed back again, amid major damage to its operations, which accounted for half of the kingdom’s oil production.

British currency takes a pounding as Queen approves Parliament suspension plan

SINGAPORE (Sept 2): The British pound dropped over 1% as newly minted Prime Minister Boris Johnson gained approval from Queen Elizabeth II to suspend Parliament, a move many say will devastate any attempts by members of Parliament to stop a no-deal Brexit. The FTSE 100 Index dropped as well.

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Wing Tai FY19 earnings down 79% to $46.8 million on lower revenue and contributions from development properties

SINGAPORE (Aug 27): Property group Wing Tai holdings reported FY19 earnings of $46.8 million, down 79% from $225.2 million recorded at the end of FY18.

Group revenue for the year fell 10% to $322.6 million from $360.4 million the preceding year, due primarily to lower contributions from development properties. FY19 revenue was bolstered by the additional units sold in Le Nouvel Ardmore in Singapore and the increase in property sales in Malaysia.

In line with the above, gross profit for the year fell 20% to $147.8 million from $183.7 million the previous year.  

Wing Tai posts 85% drop in 3Q19 earnings to $10.1 mil on lower share of profits of associates, JVs

SINGAPORE (May 10): Regional property and lifestyle group Wing Tai Holdings saw its earnings plunge 85% to $10.1 million for the 3Q19 ended March, from $69.0 million a year ago.

On a fully diluted basis, earnings per share (EPS) fell to 1.12 cents in 3Q19, from 8.70 cents in 3Q18.

The decline was largely due to lower share of profits of associated and joint venture companies, which dropped 85% to $10.5 million in 3Q19, from $72.4 million a year ago.

3Q19 revenue fell 9% to $65.3 million, from $72.1 million a year ago.

Wing Tai announces 14% lower 2H earnings of $18.2 mil in absence of one-off gain

SINGAPORE (Feb 13): Regional property and lifestyle group Wing Tai Holdings has reported 1H19 earnings of $18.2 million, 14% down from $21.1 million a year ago in the absence of a one-off gain on disposal of a subsidiary.

Nonetheless, the group’s latest set of 2Q19 earnings grew threefold y-o-y to $16.1 million from $5 million in the previous year.

Revenue for 2H19 grew 7% to $193.9 million from $181 million a year ago, largely due to an increase in property sales in Malaysia.

Wing Tai in talks to buy Commerzbank's London HQ from Samsung: sources

LONDON (Sept 4): Samsung Life Insurance Co. is in talks to sell Commerzbank AG’s City of London headquarters to Singapore-based Wing Tai Holdings, two people with knowledge of the matter said.

Wing Tai's 4Q gets a boost on disposal gains from associates

SINGAPORE (Aug 29): Wing Tai reported 4Q18 earnings of $129.8 million versus $9.5 million in 4Q17 on an 80% increase in turnover to $105.8 million.

See: Wing Tai's FY18 earnings surge 11-fold to $218.8 mil on higher property-related gains

The surge in bottomline was mainly due to higher than projected associate contributions of $115.3 million and a $12.6 million fair value gain on investment properties.

Wing Tai's FY18 earnings surge 11-fold to $218.8 mil on higher property-related gains

SINGAPORE (Aug 28): Wing Tai Holdings announced earnings of $218.8 million for FY18, up nearly 11-fold from its full year earnings of $20.1 million a year ago, due to higher revenue as well as increased share of profits of associated and joint venture (JV) companies.

For the 4Q ended June, the group announced earnings of $129.8 million compared to $9.5 million a year ago.

Conservative land banking, supportive valuation keep Wing Tai at 'buy'

SINGAPORE (July 24): While the recent cooling measures should further slow down project sales for Wing Tai, the property group has been prudent, winning only a single land parcel in the current cycle.

In the current en bloc cycle, Wing Tai, along with its JV partner, won a land parcel in Serangoon North Ave 1, for $965 psf ppr last July.

Although the bid was higher than implied land cost compared to other en blocs in the vicinity, this was the only land parcel won during the cycle which limits Wing Tai’s exposure to any potential slowdown from recent cooling measures.

UOB seeks out oversold stocks in its universe

SINGAPORE (June 28): UOB KayHian sees value in Singtel, City Developments, CapitaLand Commercial Trust, OCBC, Keppel Corp and Wing Tai within its universe of stocks which have corrected more than 15% from the 52-week high.

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