Fidelity cut its stake just days before the company announced its FY2022 ended June earnings. On Aug 25, Wing Tai reported earnings of $140.2 million, up 222% y-o-y over the preceding FY2021’s $43.6 million. Revenue in the same period was up 12% y-o-y to $514.6 million. The better numbers can be attributed to higher recognition from Wing Tai’s development properties, specifically The M at Middle Road and also Le Nouvel Ardmore. As at June 30, the company’s net asset value per share was $4.32, versus $4.14 as at June 30, 2021.
Property group Wing Tai Holdings has been buying back shares on the open market. The most recent buying was on Oct 11 with an acquisition of 961,600 shares at $1.56 each. This brings the total number of shares bought back under the current mandate to 11.16 million shares, equivalent to 1.4485% of the total share base. A day earlier, the company had acquired 494,900 shares at $1.55 each.
Meanwhile, Fidelity Investments is no longer a substantial shareholder of Wing Tai. On Aug 15, the US asset manager on sold 57,900 shares for $97,301 in total, or $1.68 each. This means Fidelity is left with just over 38 million shares, equivalent to 4.99%, from 5.01% previously.
