However, operating profit worsened to a $12.9 million loss in 4Q17 due to lower contributions from property development, although this was partially mitigated by a higher share of profits from Wing Tai Properties in Hong Kong.
SINGAPORE (Aug 29): OCBC is maintaining its “buy” on Wing Tai with an unchanged target of $2.37 for its compelling valuation and healthy balance sheet which positions it in a position to benefit from firmer conditions in the domestic housing sector.
In 4Q17, Wing Tai’s PATMI surged fivefold to $9.5 million mostly due to a positive lift from taxes and higher share of profits from associates and JVs.
