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<Research>UBS: WHARF HOLDINGS (00004.HK) 2025 Results in Line w/ Net Cash Turned
Recommend 3 Positive 7 Negative 0 |
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WHARF HOLDINGS (00004.HK)'s FY2025 underlying profit was $4.1 billion, up 47% YoY, roughly in line with UBS' expectation, UBS said. The profit growth was mainly due to a reduction in impairment provisions related to property development in mainland China, which decreased to $800 million (FY2024: $2 billion). By the end of 2025, following profit-taking of $9.7 billion from its equity investment portfolio, WHARF HOLDINGS shifted to holding a net cash of $2 billion, compared to a net debt of $7 billion in FY2024. After the disposals, the value of the equity investment portfolio remained flat YoY at $43.2 billion. The Company announced an unchanged second interim DPS at $0.2, bringing the full-year DPS to $0.4, implying a dividend payout ratio of 30% (FY2024: 44%). Therefore, UBS rated WHARF HOLDINGS at Sell, with a target price of $16.3. AASTOCKS Financial News Website: www.aastocks.com |
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