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Wing Tai’s SGD-denominated Perps rallied by over 1.6 points after the company announced its intention to redeem all of its S$150mn 4.48% Perp callable on May 24. The note rallied 1.9 points to 99.81, yielding 6.27% to call. On the back of this, its 4.35% Perp callable in August also rallied, by 1.6 points to 90.37. Last month, the company reported its annual results with a core consolidated profit attributable of HKD 197mn ($145mn) in 2023, vs. HKD 658mn ($486mn) last year mainly due to a decline of residential property sale. Revenues were at HKD 882mn ($113mn) vs. HKD 4.1bn ($520mn) last year.
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