Why analysts suspect Wing Tai’s strong July sales likely a blip

Headwinds await the company in the second half.

The property and lifestyle firm is not likely to continue its July success as it will likely be unspared by a rough second half due to the lunar seventh month and the upcoming elections.

Analysts say the recent spikes in sales were mostly driven by a successful launch at High Park Residences by CEL which comprises a significant number of smaller units.

"The median price of the units sold at High Park was also below the key psychological level of S$1k psf, which drew some bargain hunters into the mix," OCBC said.

Meanwhile, Wing Tai is coming off a 41% drop in profits to $150.3m, due to a weaker development segment and a disappointing turnout of its profits from Hong Kong.

"In order to conserve cash and further buttress its balance sheet, Wing Tai reduced its FY15 dividend to 3.0 S-cents from 6.0 S-cents last year," OCBC said.

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