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<Research>Citi: WHARF REIC (01997.HK) Tenant Sales Pick Up; Div. Expected to Grow Steadily; TP HKD31.6
Recommend 6 Positive 6 Negative 2 |
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The better operational outlook supported Citi's forecast for a moderate dividend growth of 1-2% for WHARF REIC (01997.HK) from 2026 to 2027, Citi said in its research report. Tenant sales improved YoY since 2H25 and gained momentum in 2M26, supporting higher turnover rent. The negative retail reversion could persist in 2026 as a lagged reflection of sales, while the broker viewed Harbor City's about 20% occupancy cost is sustainable. The office segment is committed to maintaining occupancy rates, but rent reductions are inevitable amid intensified competition. Debt and interest rate declines drove financing cost savings. Given a dividend yield of 5% and decent sentiment in luxury retail, Citi maintained a Buy rating for WHARF REIC, with the TP raised from HKD30.3 to HKD31.6. AASTOCKS Financial News Website: www.aastocks.com |
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