Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Maybank upgrades Wing Tai to buy

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STOCKS NEWS SINGAPORE-Maybank upgrades Wing Tai to buy Aug 22nd 2012, 01:20 Tue Aug 21, 2012 9:20pm EDT Maybank Kim Eng upgraded Wing Tai Holdings to 'buy' from 'hold' and raised its target price to S$1.75 from S$1.40, citing a surprise dividend payout from the property developer. By 0110 GMT, shares of Wing Tai were up 1.1 percent at S$1.43, and have surged 50.8 percent so far this year, compared to the FT ST Mid Cap Index's 20 percent rise. Wing Tai said its fourth-quarter net profit fell 16 percent to S$140.5 million from a year ago, hurt partly by a fall in fair value gains on its properties. It announced an ordinary dividend of S$0.03 and special dividend of S$0.04 a share. Wing Tai's management remained cautious about the residential market and expects downside risks, especially in the mass market segment, Maybank said. "Even as the market remains challenging, we like Wing Tai's proactiveness in trying to unlock shareholders' value," said Maybank in a report. The brokerage expects Wing Tai to maintain total dividends of 7 Singapore cents a share for the next few years, implying an attractive yield of 4.9 percent. CIMB Research also raised its target price for Wing Tai to S$1.68 from S$1.60 and kept its outperform rating, citing a better outlook supported by more mid-market projects.

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