Wing Tai Holdings - DBS Research 2022-08-29: FY22 Results: Taking Flight!

Wing Tai Holdings - FY22 Results: Taking Flight!


Highlights of Wing Tai's FY22 Results

FY22 revenue up 12% y-o-y, broadly in-line with our estimates.

  • Wing Tai (SGX:W05)'s FY22 revenue of S$514.6mil, up 12% y-o-y, helped by higher contribution from development properties, largely from progressive sales from The M at Middle Road and additional units sold in Le Nouvel Ardmore.
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  • As of June 2022, ~93-94% of The M at Middle Road and Le Nouvel Ardmore were sold. Going forward, we assume The M at Middle and Le Nouvel Ardmore to be fully sold by FY24F. We also assume the redevelopment and a 20% sale of the recent Lakeside Apartments en-bloc by FY24F, supporting revenue growth over the medium term.

FY22 net profit grew 222%, above our estimates.

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  • Further, the FY22 effective tax rate declined to 15% (FY20/21: 76%/85%) due to the absence of one-off tax provision in previous years. Going forward, we assume an effective tax rate of 15% and associated and JV income to normalise to S$41mil/S$48mil in FY23/24F.
  • In our view, we like Wing Tai’s recurring income which we believe could support the Group’s overall earnings as it navigates the property market and build its development pipeline.

FY22 dividends a positive surprise.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Singapore Research Team DBS Group Research | Derek TAN DBS Research | Rachel TAN DBS Research | 2022-08-29

Read also DBS's most recent report:
2023-02-10 Wing Tai Holdings - Well-Positioned To Tide Through Macroeconomic Headwinds.

Price targets by other brokers at Wing Tai Target Prices.

Listing of research reports at Wing Tai Analyst Reports.

Relevant links:
Wing Tai Share Price History,
Wing Tai Announcements,
Wing Tai Dividends & Corporate Actions,
Wing Tai News Articles


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