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Wing Tai profits to take a beating as retail, residential property languishes in 2016
It’s already shuttered 30-40 stores year to date.
It’s going to be an uphill battle for Wing Tai’s Singapore retail and residential segments, as analysts believe that the respective sectors will continue to be battered by headwinds.
According to a report by RHB, Wing Tai is not as optimistic for Singapore retail and residential segments. Management expects home buying sentiment for private residential property in Singapore to remain subdued in 2016, with continued overhang from property cooling measures.
Wing Tai has also shuttered 30-40 stores, and has further plans of closing down non-profitable stores. RHB shared, though, that outstanding performers like Uniqlo appear to be bucking the trend and could well drum up growth in the retail segment.
"However, we note the existential threat that e-commerce poses to the fashion industry, something which management reckons will continue to spell gloom for the retail scene, along with falling tourist and local expenditure," added RHB.
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