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<Research>BofAS Adds WHARF HOLDINGS (00004.HK) TP to $29, Rating Neutral
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BofA Securities issued a research report expecting that WHARF HOLDINGS (00004.HK) will see a rise in luxury property profits this year, supported by several new projects including the Lung Cheung Road project, 1 Plantation Road and Chengdu IFS serviced apartments. More new projects are set to launch in the next 2-3 years. The broker estimated that its 2026 core profit will increase by 19% YoY due to higher net asset value (NAV) forecast. Therefore, BofA Securities added its target price by 4% to $29 from $28. The current stock price reflects a 64% discount to NAV, indicating an undemanding valuation, but the target dividend payout ratio at the lower end of 30% suggests a dividend yield of only 2% this year, with rating kept at Neutral. AASTOCKS Financial News Website: www.aastocks.com |
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