Company Name: WING TAI MALAYSIA BERHAD
|Research House: HWANGDBS||Price Call: BUY||Target Price: 2.10|
HwangDBS Vickers Research raised its target price on shares of property and garment retail company Wing Tai Malaysia Bhd to RM2.55 from RM2.10, citing a robust sales outlook.
Wing Tai is "ripe for another big launch" in Malaysia's capital city, Kuala Lumpur, and its earnings will be propped up by ongoing projects in the northern state of Penang, HwangDBS said in a note on Friday.
"Share price should be supported by continual share buybacks," HwangDBS said, which includes purchases by parent Wing Tai Holdings Ltd.
The research house kept its 'buy' call on the stock.
Shares in Wing Tai Malaysia rose 2.45 per cent, outperforming the Malaysian benchmark stock index's 0.13 fall.-- Reuters