Company Description The Group's principal activities are manufacturing textile garments, trading garments and developing and investing in properties. The trading segment currently has 32 retail outlets distributing fashion brands. Its portfolio of fashion labels include Topshop, Topman, Dorothy Perkins, Warehouse, Diva, Pumpkin Patch and Principles. The property development segment develops residential and commercial properties. These properties include The Meritz, Sering Ukay and Taman Seri Impian. The property investment division is engaged in investing commercial and hotel properties, project management and maintainance of properties. The Group has disposed its fast food operations and discontinued its garment manufacturing operations in Sri Lanka during the fiscal year 2007. Operations are carried out mainly in Malaysia.
Company Info
Listing Date 1979-01-19 Market Capital (Capital Size) 625,504,381 (Medium) Par Value RM 1.00 Board Main Sector Consumer Products Major Industry Garments Sub Industry Property Development Website http://www.wingtai.com.my/
My Analysis
Forecast P/E now (1.92-0.08)/0.3066 = 6.00 (Moderate) Target Price 1.99+0.08 = 2.07 (PE 6.5, EPS 0.3066, DPS 0.08) First Support Price 1.85 Second Support Price 1.7 Risk Rating MODERATE
Research House
Jupiter Target Price 1.98 (2012-12-10) HwangDBS Target Price 2.3 (2013-02-04) OSK Target Price 2.25 (2013-02-04)
Accounting Ratio
Return on Equity 10.45% Dividend Yield 4.17% Operating Profit Margin 27.69% Net Profit Margin 29.14% Tax Rate 23.74% Asset Turnover 0.3641 Net Asset Value Per Share 2.97 Net Tangible Asset per share 2.97 Price/Net Tangible Asset Per Share 0.64 Cash Per Share 0.2 Liquidity Current Ratio 4.6495 Liquidity Quick Ratio 1.1166 Liquidity Cash Ratio 0.29 Gearing Debt to Equity Ratio 0.4949 Gearing Debt to Asset Ratio 0.3311 Working capital per thousand Ringgit sale 159.7% Days to sell the inventory 761 Days to collect the receivables 76 Days to pay the payables 129
Technical Analysis
SMA 10 1.928 (Downtrend) SMA 20 1.926 (Uptrend 38 days) SMA 50 1.85 (Uptrend) SMA 100 1.749 (Uptrend) SMA 200 1.726 (Uptrend) MACD (26d/12d) 0.020757 ( 0.002122 ) Signal (9) 0.027202 ( 0.001611 ) MACD Histogram 0.006445 (Bearish trend 8 days)Bolinger Upper Band 2.033 Bolinger Lower Band 1.819
My notes based on 2013 quarter 2 report (number in '000):- WINGTM latest news (English) WINGTM latest news (Chinese) Financial Quarter Summary Open in New Window
a_date year qrt h_price l_price div roe c_roe rev c_rev pbt c_pbt prof c_prof eps c_eps asset c_asset liab c_liab mino equi cfo cfi cff cash fcf net final share c_share m_cap date oper_m prof_m vat asset_t pe navps ntaps p/ntaps cps l_cur l_qui l_cash g_de g_da avg_w inv_d rec_d pay_d 2013-01-31 2013 2 N/A N/A - 3.79% 5.81% 154445 257179 45008 70907 34324 52634 0.1091 0.1672 1395491 1034114 462007 222416 - 933484 22705 14511 20597 35717 8194 28791 64508 314751 314717 598026 2012-12-31 27.69% 29.14% 23.74% 0.3641 - 2.97 2.97 0.64 0.2 4.6495 1.1166 0.29 0.4949 0.3311 159.7% 761 76 129 2012-11-22 2013 1 2.01 1.67 - 2.02% 2.02% 102734 102734 25899 25899 18310 18310 0.0582 0.0582 1332622 975923 408307 186041 - 924315 12143 6759 24777 35759 5384 30161 65920 314684 314684 566431 2012-09-30 25.15% 25.21% 29.30% 0.3591 - 2.94 2.94 0.61 0.21 5.2457 1.1013 0.3543 0.4417 0.3064 165.1% 801 63 109 2012-08-22 2012 4 1.84 1.62 0.08 1.77% 10.05% 134201 457684 23072 121210 14921 84885 0.0475 0.2704 1307602 964974 402306 196592 - 905296 12198 38791 7882 78964 50989 43107 35857 314166 313957 581207 2012-06-30 19.03% 17.19% 35.33% 0.35 6.8424 2.88 2.88 0.64 0.11 4.9085 1.0388 0.1824 0.4444 0.3077 167.9% 826 63 129 2012-05-14 2012 3 2.07 1.67 - 2.87% 8.28% 116742 323483 36540 98138 24280 69964 0.0773 0.2229 1246607 894117 355859 168139 - 890748 7031 5620 25427 80829 12651 38078 42751 313989 313909 518081 2012-03-31 31.60% 31.30% 33.55% 0.339 - 2.84 2.84 0.58 0.14 5.3177 1.0429 0.2543 0.3995 0.2855 171.8% 894 110 128 2012-02-15 2012 2 1.76 1.53 - 3.71% 5.41% 124832 206741 42101 61598 31318 45684 0.0998 0.1456 1234108 891233 369253 191256 - 864855 6176 2165 22391 79708 4011 18380 61328 313908 313862 492835 2011-12-31 31.01% 33.73% 25.61% 0.2478 - 2.76 2.76 0.57 0.2 4.6599 1.0199 0.3207 0.427 0.2992 228.9% 1190 151 204 2011-11-29 2012 1 1.67 1.47 - 1.70% 1.70% 81909 81909 19497 19497 14366 14366 0.0457 0.0457 1200961 861905 342796 160558 - 858165 16925 6524 10230 78775 23449 13219 65556 314120 314120 499450 2011-09-30 24.73% 23.80% 26.32% 0.1507 - 2.73 2.73 0.58 0.21 5.3682 1.1193 0.4083 0.3995 0.2854 387.5% 1955 193 267 2011-08-15 2011 4 1.86 1.45 0.08 N/A N/A 99105 369816 32130 96773 53285 100411 0.1697 0.3207 1185375 844366 340625 173061 - 844750 35606 52040 100712 66771 87646 13066 79837 314033 313075 536996 2011-06-30 33.72% 32.42% - 0.0836 5.3317 2.7 2.7 0.63 0.25 4.879 1.0969 0.4613 0.4032 0.2874 677.4% 3637 353 555
Financial Quarter Balance Sheet Open in New Window
year qrt Deferred tax assets (A-0) Investment in associated companies (A-0) Investment in jointly controlled entity (A-0) Investment properties (A-0) Land held for property development (A-0) Prepaid lease payments (A-0) Property, plant and equipment (A-0) Receivables (A-0) Cash and cash equivalents (A-1) Current asset classified as held for sales (A-1) Current tax assets (A-1) Inventories (A-1) Other assets (A-1) Property development costs (A-1) Trade receivables (A-1) Deferred income (L-0) Deferred tax liabilities (L-0) Loans & borrowings (L-0) Provision for retirement benefits (L-0) Current tax liabilities (L-1) Loans & borrowings (L-1) Other liabilities (L-1) Retirement benefit obligations (L-1) Trade and other payables (L-1) 2013 2 18276 36 20209 132057 62017 2411 126371 - 64508 - 5459 78323 73072 707435 105317 22484 3654 213453 - 7253 82346 - - 132817 2013 1 18292 36 15815 132057 61994 2431 126074 - 65920 - 3368 74671 52985 696365 82614 20287 3655 198324 - 2940 76383 1613 - 105105 2012 4 18324 36 14024 123820 58025 2451 125948 - 35857 - 4689 56851 84537 703910 79130 19382 3655 182677 - 7247 67917 2387 - 119041 2012 3 13710 35 13540 129790 55931 2472 124976 12036 42751 - 5308 50054 - 668711 127293 15416 3925 168379 - 13158 51912 - - 103069 2012 2 13719 35 12346 122950 55148 2492 124081 12104 61328 - 7069 56632 - 639534 126670 13913 3847 160237 - 8915 63086 - - 119255 2012 1 10319 35 9976 122950 56777 2513 124490 11996 65556 2851 15666 51749 - 630448 95635 11347 4004 166887 - 3439 64008 - - 93111 2011 4 14289 35 9091 122950 56493 2533 124445 11173 79837 2718 11396 53000 - 601543 95872 10330 4042 153192 - 5476 67728 - - 99857
Financial Quarter Income Statement Open in New Window
year qrt Revenue Income tax expense Cost of sales Finance/interest costs Other income Administrative/Operating expenses Share of profit/ (loss) of associates Discontinued operation 2013 2 154445 10684 - 2040 805 112486 4309 25 2013 1 102734 7589 - 1719 714 77606 1801 25 2012 4 134201 8151 - 1760 904 109571 478 1180 2012 3 116742 12260 - 1599 1292 81139 1165 79 2012 2 124832 10783 - 1633 1268 87385 2348 2671 2012 1 81909 5131 - 1622 954 62604 885 25 2011 4 99105 21155 - 1240 1261 66949 204 251
Financial Quarter Segments Revenue
year qrt Retails Property development Manufacturing Property investment 2013 2 51174 96119 1769 5383 2013 1 44439 51257 1371 5667 2012 4 37256 89430 2425 5090 2012 3 40333 70624 1126 4659 2012 2 48401 69725 1471 5235 2012 1 41744 32940 1498 5727 2011 4 34306 58086 1761 4952
Financial Quarter Segments Profit
year qrt Retails Property development Manufacturing Property investment 2013 2 11135 29733 425 1965 2013 1 9512 15154 57 2203 2012 4 6167 34241 1047 4108 2012 3 10476 26278 20 1025 2012 2 12487 23791 716 1941 2012 1 9850 7092 122 2141 2011 4 5388 25158 29 1617
Short form reference a_date = announcement date, yr = financial year end, qrt = quarterh_price = stock highest price during the quarter, l_price = stock lowest price during the quarterdiv = dividend recommend or declare in the quarter, roe = return on equityc_roe = cumulative of return on equity during the financial yearrev = revenue in the current quarter, c_rev = cumulative of revenue during the financial yearpbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial yeareps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial yearasset = total asset, liab = total liability, mino = minority interest, equi = total equitycfo = net cash flow from operating activities, cfi = net cash flow from investing activitiescff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial yearfinal = cash and cash equivalents as at current financial period endedshare = diluted/basic weighted average number of ordinary sharesc_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial yearm_cap = market capital at announcement date of quarterly report, date = current financial period ended dateprof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarternavps = net asset value per share, ntaps = net tangible asset per share, cps = cash per sharel_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratiog_de = gearing debt to equity ratio, g_da = gearing debt to assets ratioavg_w = working capital per thousand Ringgit saleinv_d = days to sell the inventory, rec_d = days to collect the receivablespay_d = days to pay the payablesCURRENT ● CHANGES IN SHAREHOLDING ● ANNUAL REPORTS HISTORICAL ● CHANGES IN SHAREHOLDING ARCHIVES ● CHANGES IN SHAREHOLDING 
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