Wing Tai Holdings - DBS Research 2023-02-10: Well-Positioned To Tide Through Macroeconomic Headwinds

• Wing Tai (SGX:W05)'s 1HFY23 results are aligned with our estimates, amid moderating development property sales in 2023.
• Key positives:
  1. Stronger-than-expected associates & JV income from Uniqlo JVs,
  2. - Read this at SGinvestors.io -

Wing Tai's 1HFY23 revenue and operating profit aligned with our estimates.

• For the 1HFY23 (Jul to Dec 2022), Wing Tai recorded a total revenue of S$260.8mil (-15% y-o-y), with the Group seeing lower y-o-y contribution from development properties (i.e., property sales include the last unit in Le Nouvel Ardmore and progressive sales recognised from The M at Middle Road in Singapore). See Wing Tai's announcement dated 09 Feb 2023.
• - Read this at SGinvestors.io -

Stronger-than-expected Uniqlo JV income a boost to net profit.

• Read more at SGinvestors.io.

Elizabelle Pang DBS Group Research | https://www.dbs.com/insightsdirect/ 2023-02-10 SGinvestors.io

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