Citi maintained a Sell rating for WHARF HOLDINGS due to several factors. The company has a strong balance sheet with a significant amount of net cash, but given the current macro uncertainties and market conditions, it is not in a rush to reinvest and may focus on monetizing existing land reserves instead. The broker expects stable dividends per share (DPS) without increases and sees a low likelihood of share buybacks. Additionally, Citi views Wharf's valuation as the highest in the industry, which, while supported by a strong balance sheet, does not necessarily translate to positive stock price movement. Consequently, they lowered the target price from HKD18.8 to HKD18.3.
