Is Wing Tai Properties going bankrupt?

I was off blogging for a while to focus on other things in my life. I was surprised when I saw over a thousand visits on my blog when I came back this week.

My last blog was on Singapore election, so I figure that people visiting for this. I was even more surprised when to see a viewer went to check out my article on Wing Tai Properties, titled Wing Tai Triangle dated 24th Nov 2009. 

This was donkey years ago, but it made me wonder why the person wanted to check out this article. Is something happening to Wing Tai?

Wing Tai was at around SGD1.70 at the time, it was one of the more powerful companies in Singapore, primarily because it was dealing with properties. 

I still remember one of my lecturers in Graduate Diploma on Business Administration shared about a job interview at Wing Tai. He was actually interviewed by the president of the company.

It was like a cordial chat and during the process, the secretary walked in with a report. The president took one look, showed it to him and asked him what he thought about the issue how he might handle the situation, which he answered. Eventually he got the job.

Fig 1. Wing Tai Properties weekly chart

It was to my surprised when I opened the chart on Wing Tai today. Gone were the days when Wing Tai was one of the stronghold of Singapore. Its highest point this round was 0.693in 2018, when its descent has begun, and it has never recovered until now.

It actually closed at 0.152 this week!

Unfortunately, I am not seeing much sign of reversal at this point of time, it has yet to reach its 100% projection objective at 0.1183. Nevertheless, I believe that Wing Tai should be heading back up to 0.1849, its 55-week moving average.

At its worst, it is possible that Wing Tai might proceed further to its 127% projection support level, which is 0.015.

I am really speechless to see an once giant dropped to such a low level. If it heads for the 127% projection point, it will be a point of no return, remind me of the math problem I mentioned in The sad state of Credit Suisse, which the entity stuck at its bottom.

There is a remedy though, which is a change of leadership, resulting in a different direction for Wing Tai, other wise, Wing Tai should prepare for shut down, permanantly.