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00004
WHARF HOLDINGS
HKD
23.2001.020
(4.60%)
1D
AI Analysis for 00004
AI Analysis
High
24.500
Open
23.160
VWAP
22.71
Vol
13.17M
Mkt Cap
82.82B
Low
23.060
Amount
299.00M
EV/EBITDA(TTM)
12.39
Total Shares
3.06B
EV
71.53B
EV/OCF(TTM)
17.80
P/S(TTM)
6.16
Wharf Holdings Ltd is an investment holding company principally engaged in the property development. The Company operates its business through four segments. The Development Property segment engages in the acquisition, development, design, construction, sales and marketing of properties. The Investment Property segment engages in the retail, office and serviced apartments leasing. The Hotel segment engages in the hotel operations. The Logistics Segment engages in the container terminal and air cargo operations.
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News
4.0
03-13aastocksCiti Raises WHARF HOLDINGS (00004.HK) Price Target to $21.15, Maintains Sell Rating
Company Performance: WHARF HOLDINGS reported a 46.7% year-on-year increase in underlying net profit to HKD4.1 billion and maintained a stable dividend per share (DPS) of HK20 cents.
Investment Strategy: The company plans to maximize value by monetizing existing land reserves, focusing on ultra-luxury properties, and investing in quality real estate projects in Hong Kong.
Market Analysis: Citi Research noted that improvements in capital utilization could enhance WHARF HOLDINGS' long-term return on equity (ROE), but maintained a "Sell" rating due to current market conditions.
Target Price Adjustment: Citi Research raised its target price for WHARF HOLDINGS from $18.3 to $21.15, reflecting a cautious outlook amid tight valuations and a quiet business environment.
4.0
03-13aastocksBofAS Sets Target Price for WHARF HOLDINGS (00004.HK) at $29, Maintains Neutral Rating
BofA Securities Report: BofA Securities anticipates an increase in WHARF HOLDINGS' luxury property profits this year, driven by new projects such as Lung Cheung Road and Chengdu IFS serviced apartments.
Future Projections: The broker forecasts a 19% year-over-year increase in core profit by 2026, attributed to a higher net asset value (NAV) forecast and several new projects launching in the next 2-3 years.
Target Price Adjustment: BofA has raised its target price for WHARF HOLDINGS by 4% to $29, indicating a 64% discount to NAV, which suggests an undemanding valuation.
Dividend Outlook: The expected dividend payout ratio is at the lower end of 30%, leading to a projected dividend yield of only 2% for this year, with the stock rating maintained at Neutral.
7.0
03-13aastocksStephen Ng: Positive Outlook for HK Residential Market, New Shipping Line Plans Delayed by Middle East Situation
Optimism in Hong Kong Residential Market: Stephen Ng, Chairman of WHARF HOLDINGS, expressed confidence in the Hong Kong residential market, noting that the company is not under debt pressure and has no urgency to sell properties.
Revenue Growth Despite Market Weakness: WHARF HOLDINGS has seen an increase in revenue from Hong Kong properties, attributed to returns from past investments, which are expected to help offset challenges posed by the soft Chinese property market.
Impact of Middle East Situation on Port Operations: Ng acknowledged that the situation in the Middle East is affecting Hong Kong's port operations, leading to a conservative approach from shipping companies.
New Shipping Lines Signed: WHARF HOLDINGS has signed new shipping lines to enhance cargo volume, although the worsening situation in Iran has caused delays in new arrangements.
9.5
03-12aastocksWHARF HOLDINGS Declines 3% Post-Midday Despite 46.7% Increase in 2025 Underlying NP and Stable Dividend
Stock Performance: Wharf Holdings' share price fell by 3.08% to $22.62 following the release of its full-year results for 2025, with a trading volume of 715,000 shares.
Financial Results: The company reported a 9.2% year-on-year decline in revenue to $10.997 billion, but achieved a profit of $50 million, a significant recovery from a loss of $3.224 billion the previous year.
Dividends: The second interim dividend was maintained at $20 cents, with a full-year dividend also unchanged at $40 cents.
Underlying Profit Increase: Wharf Holdings' underlying net profit rose by 46.7% year-on-year to HKD 4.1 billion, attributed to reduced impairment provisions for Mainland China development properties.
9.5
03-12aastocksWHARF HOLDINGS Reports 46.7% Year-on-Year Increase in Full-Year Underlying Net Profit to HKD4.1 Billion; Maintains 2nd Interim Dividend at HK20 Cents
- Stock Performance: WHARF HOLDINGS (00004.HK) experienced a decline of 0.420, representing a 1.799% drop in its stock price.
- Short Selling Activity: The company reported short selling of $4.49 million, with a short selling ratio of 34.430%.
- Financial Results Announcement: WHARF HOLDINGS has announced its full-year results for the period ending December 2025.
- Market Context: The stock's performance and short selling activity may reflect broader market trends or investor sentiment regarding the company's financial health.
Money Flow
Over the past 66 trading days, overall net money flow is 153.05M, with retail investors contributing 19.58M and major investors adding 132.21M.
Net Buy $ Volume
Net Sell $ Volume
Goldman Sachs
Goldman Sachs
upgrade
$38 -> $41
2026-05-20
Reason
Goldman Sachs has revised its forecasts for Hong Kong's residential property prices upward due to better-than-expected performance in the market. The firm expects a 15% increase in residential prices this year, up from a previous estimate of 12%. They continue to favor property developers, anticipating benefits from a multi-year upcycle in the market. They raised target prices for several companies, including HENDERSON LAND and SHK PPT, while lowering the target price for NEW WORLD DEV due to concerns over its net debt and cash flow.
Goldman Sachs
Price Target
$38 -> $41
2026-05-20
upgrade
Goldman Sachs has revised its forecasts for Hong Kong's residential property prices upward due to better-than-expected performance in the market. The firm expects a 15% increase in residential prices this year, up from a previous estimate of 12%. They continue to favor property developers, anticipating benefits from a multi-year upcycle in the market. They raised target prices for several companies, including HENDERSON LAND and SHK PPT, while lowering the target price for NEW WORLD DEV due to concerns over its net debt and cash flow.
UBS
UBS
Neutral
maintain
$143.8
2026-03-30
Reason
The analyst rating from UBS is influenced by several factors indicating a cautious outlook on the Hong Kong market. The key reasons include:
1. Market Decline: The Hang Seng Index (HSI) has fallen 11% from its peak, suggesting a weakening market sentiment.
2. Short-term Recovery Concerns: The recovery momentum of the Central office market may be negatively impacted in the short term due to increased market uncertainty.
3. Slowing IPO Activities: There is an expectation that IPO activities may slow down, further reflecting market instability.
4. Capital Outflows: UBS has not observed significant capital inflows into Hong Kong, as indicated by the rebound in one-month HIBOR and the HKD exchange rate remaining weak, which points to recent capital outflows.
5. Impact of Rising Oil Prices: The rising oil price environment is expected to negatively affect Hong Kong's retail market, leading to a decrease in high-spending overnight tourists and a shift in local consumer spending behavior.
6. Retail Market Pressures: There is an anticipated decline in local consumption due to a high base from the previous year, with consumers focusing more on value for money and increasing online retail to cope with rising product costs.
7. Profit Pressure on Retailers: The bank expects retail rents to decline further to maintain occupancy rates, given the profit pressures on retailers.
Overall, UBS's cautious view is reflected in its ratings, favoring companies with strong financial positions (net cash, high dividend yields) while being wary of those with high valuations and significant debt.
UBS
Neutral
Price Target
$143.8
2026-03-30
maintain
The analyst rating from UBS is influenced by several factors indicating a cautious outlook on the Hong Kong market. The key reasons include:
1. Market Decline: The Hang Seng Index (HSI) has fallen 11% from its peak, suggesting a weakening market sentiment.
2. Short-term Recovery Concerns: The recovery momentum of the Central office market may be negatively impacted in the short term due to increased market uncertainty.
3. Slowing IPO Activities: There is an expectation that IPO activities may slow down, further reflecting market instability.
4. Capital Outflows: UBS has not observed significant capital inflows into Hong Kong, as indicated by the rebound in one-month HIBOR and the HKD exchange rate remaining weak, which points to recent capital outflows.
5. Impact of Rising Oil Prices: The rising oil price environment is expected to negatively affect Hong Kong's retail market, leading to a decrease in high-spending overnight tourists and a shift in local consumer spending behavior.
6. Retail Market Pressures: There is an anticipated decline in local consumption due to a high base from the previous year, with consumers focusing more on value for money and increasing online retail to cope with rising product costs.
7. Profit Pressure on Retailers: The bank expects retail rents to decline further to maintain occupancy rates, given the profit pressures on retailers.
Overall, UBS's cautious view is reflected in its ratings, favoring companies with strong financial positions (net cash, high dividend yields) while being wary of those with high valuations and significant debt.
Citi
Citi Research
maintain
2026-03-24
Reason
Citi Research's analyst rating is based on the positive impact of reduced interest costs on homebuilders' FY2025 results and encouraging FY2026 guidance. The anticipated increase in property sales deposit returns, leasing momentum in core offices, and a rebound in high-end retail in mainland China contribute to a favorable outlook. The report highlights strong fundamentals in the industry, with expectations for accelerated investments for medium to long-term growth, leading to selected stocks with growing EPS and shareholder returns.
Citi
Price Target
2026-03-24
maintain
Citi Research's analyst rating is based on the positive impact of reduced interest costs on homebuilders' FY2025 results and encouraging FY2026 guidance. The anticipated increase in property sales deposit returns, leasing momentum in core offices, and a rebound in high-end retail in mainland China contribute to a favorable outlook. The report highlights strong fundamentals in the industry, with expectations for accelerated investments for medium to long-term growth, leading to selected stocks with growing EPS and shareholder returns.
Morgan Stanley
Morgan Stanley
Underweight
maintain
$33 -> $32
2026-03-17
Reason
Morgan Stanley has maintained an Underweight rating on WHARF HOLDINGS due to challenging operating prospects and unattractive valuation, highlighted by a yield of 1.7%, which is only higher than NEW WORLD DEVELOPMENT among the stocks they cover. Despite lowering the bull-case and bear-case target prices and increasing earnings forecasts for FY26-27, the overall outlook remains cautious.
Morgan Stanley
Underweight
Price Target
$33 -> $32
2026-03-17
maintain
Morgan Stanley has maintained an Underweight rating on WHARF HOLDINGS due to challenging operating prospects and unattractive valuation, highlighted by a yield of 1.7%, which is only higher than NEW WORLD DEVELOPMENT among the stocks they cover. Despite lowering the bull-case and bear-case target prices and increasing earnings forecasts for FY26-27, the overall outlook remains cautious.
UBS
maintain
$16.3
2026-03-16
Reason
UBS rated WHARF HOLDINGS at Sell with a target price of $16.3 due to concerns about the company's future performance despite a significant increase in FY2025 underlying profit. The profit growth was primarily attributed to a reduction in impairment provisions related to property development in mainland China. Additionally, while the company shifted to a net cash position, the value of its equity investment portfolio remained flat year-over-year. The unchanged dividend payout ratio, which decreased from the previous year, may also indicate caution regarding future profitability and returns.
UBS
Price Target
$16.3
2026-03-16
maintain
UBS rated WHARF HOLDINGS at Sell with a target price of $16.3 due to concerns about the company's future performance despite a significant increase in FY2025 underlying profit. The profit growth was primarily attributed to a reduction in impairment provisions related to property development in mainland China. Additionally, while the company shifted to a net cash position, the value of its equity investment portfolio remained flat year-over-year. The unchanged dividend payout ratio, which decreased from the previous year, may also indicate caution regarding future profitability and returns.
Goldman Sachs
Goldman Sachs
Sell
maintain
$25
2026-03-16
Reason
The analyst rating for WHARF HOLDINGS was kept at "Sell" by Goldman Sachs due to several factors. While the company's 2025 results exceeded expectations and management expressed optimism about the luxury residential market in Hong Kong, there was a cautious outlook regarding investment properties and the logistics business in mainland China. Additionally, despite raising core EPS estimations for 2026/2027 by about 5%, the overall outlook and returns for several other business segments remain challenging. Furthermore, the current valuation of the stock is considered unattractive, leading to the decision to maintain the "Sell" rating.
Goldman Sachs
Sell
Price Target
$25
2026-03-16
maintain
The analyst rating for WHARF HOLDINGS was kept at "Sell" by Goldman Sachs due to several factors. While the company's 2025 results exceeded expectations and management expressed optimism about the luxury residential market in Hong Kong, there was a cautious outlook regarding investment properties and the logistics business in mainland China. Additionally, despite raising core EPS estimations for 2026/2027 by about 5%, the overall outlook and returns for several other business segments remain challenging. Furthermore, the current valuation of the stock is considered unattractive, leading to the decision to maintain the "Sell" rating.
Citi Research
Citi
Sell
to
Sell
downgrade
2026-03-13
Reason
The analyst rating for WHARF HOLDINGS was kept at "Sell" by Citi Research due to the current quiet business status and tight valuation. Despite the company's stable dividend per share (DPS), net cash position, and plans to monetize existing land reserves and invest in quality real estate projects, the analysts believe that these factors do not sufficiently offset the challenges posed by the current market conditions. They did, however, raise the target price from $18.3 to $21.15, indicating a slight improvement in outlook but still maintaining a cautious stance.
Citi Research
Sell
to
Sell
Price Target
2026-03-13
downgrade
The analyst rating for WHARF HOLDINGS was kept at "Sell" by Citi Research due to the current quiet business status and tight valuation. Despite the company's stable dividend per share (DPS), net cash position, and plans to monetize existing land reserves and invest in quality real estate projects, the analysts believe that these factors do not sufficiently offset the challenges posed by the current market conditions. They did, however, raise the target price from $18.3 to $21.15, indicating a slight improvement in outlook but still maintaining a cautious stance.
BofA Securities
BofA Securities
Neutral
maintain
$28 -> $29
2026-03-13
Reason
BofA Securities issued a Neutral rating for WHARF HOLDINGS based on the expectation of a rise in luxury property profits supported by new projects and a projected 19% year-over-year increase in core profit by 2026. However, despite the positive outlook, the stock is currently trading at a 64% discount to net asset value (NAV), indicating an undemanding valuation. Additionally, the target dividend payout ratio is at the lower end of 30%, resulting in a modest dividend yield of only 2% for the year. This combination of factors led to the decision to maintain a Neutral rating, even as the target price was increased by 4% to $29.
BofA Securities
Neutral
Price Target
$28 -> $29
2026-03-13
maintain
BofA Securities issued a Neutral rating for WHARF HOLDINGS based on the expectation of a rise in luxury property profits supported by new projects and a projected 19% year-over-year increase in core profit by 2026. However, despite the positive outlook, the stock is currently trading at a 64% discount to net asset value (NAV), indicating an undemanding valuation. Additionally, the target dividend payout ratio is at the lower end of 30%, resulting in a modest dividend yield of only 2% for the year. This combination of factors led to the decision to maintain a Neutral rating, even as the target price was increased by 4% to $29.
HSBC Research
upgrade
$98.2
2026-03-10
Reason
The analyst ratings in the article are based on various factors, including short selling activity, stock performance, and target prices. Here are the reasons for the ratings:
1. Sell Rating for WHARF HOLDINGS (00004.HK): The stock has experienced a decline of 1.505%, with a significant short selling ratio of 28.734%, indicating bearish sentiment among investors.
2. Buy Rating for HENDERSON LAND (00012.HK): The stock has shown a slight increase of 0.564%, and despite a high short selling ratio of 25.093%, the target price suggests potential for growth.
3. Buy Rating for HYSAN DEV (00014.HK): A minor increase of 0.150% and a lower short selling ratio of 10.553% support a positive outlook.
4. Buy Rating for SHK PPT (00016.HK): The stock has risen by 1.461%, with a high short selling ratio of 34.944%, but the target price indicates strong potential.
5. Neutral Rating for NEW WORLD DEV (00017.HK): A slight increase of 0.638% and a moderate short selling ratio of 19.400% lead to a neutral stance.
6. Sell Rating for MTR CORPORATION (00066.HK): The stock has a short selling ratio of 36.164%, indicating negative sentiment, despite a small price increase.
7. Buy Ratings for SINO LAND (00083.HK), HANG LUNG PPT (00101.HK), KERRY PPT (00683.HK), FORTUNE REIT (00778.HK), CK ASSET (01113.HK), SWIRE PROPERTIES (01972.HK), and WHARF REIC (01997.HK): These stocks have shown positive price movements and relatively lower short selling ratios, suggesting investor confidence and potential for further gains.
8. Sell Rating for CHAMPION REIT (02778.HK): The stock has a high short selling ratio of 46.964%, indicating strong bearish sentiment, despite no change in price.
Overall, the ratings reflect a combination of stock performance, investor sentiment as indicated by short selling ratios, and target price assessments.
HSBC Research
Price Target
$98.2
2026-03-10
upgrade
The analyst ratings in the article are based on various factors, including short selling activity, stock performance, and target prices. Here are the reasons for the ratings:
1. Sell Rating for WHARF HOLDINGS (00004.HK): The stock has experienced a decline of 1.505%, with a significant short selling ratio of 28.734%, indicating bearish sentiment among investors.
2. Buy Rating for HENDERSON LAND (00012.HK): The stock has shown a slight increase of 0.564%, and despite a high short selling ratio of 25.093%, the target price suggests potential for growth.
3. Buy Rating for HYSAN DEV (00014.HK): A minor increase of 0.150% and a lower short selling ratio of 10.553% support a positive outlook.
4. Buy Rating for SHK PPT (00016.HK): The stock has risen by 1.461%, with a high short selling ratio of 34.944%, but the target price indicates strong potential.
5. Neutral Rating for NEW WORLD DEV (00017.HK): A slight increase of 0.638% and a moderate short selling ratio of 19.400% lead to a neutral stance.
6. Sell Rating for MTR CORPORATION (00066.HK): The stock has a short selling ratio of 36.164%, indicating negative sentiment, despite a small price increase.
7. Buy Ratings for SINO LAND (00083.HK), HANG LUNG PPT (00101.HK), KERRY PPT (00683.HK), FORTUNE REIT (00778.HK), CK ASSET (01113.HK), SWIRE PROPERTIES (01972.HK), and WHARF REIC (01997.HK): These stocks have shown positive price movements and relatively lower short selling ratios, suggesting investor confidence and potential for further gains.
8. Sell Rating for CHAMPION REIT (02778.HK): The stock has a high short selling ratio of 46.964%, indicating strong bearish sentiment, despite no change in price.
Overall, the ratings reflect a combination of stock performance, investor sentiment as indicated by short selling ratios, and target price assessments.
Morgan Stanley
Morgan Stanley
maintain
$NULL
2026-02-26
Reason
The analyst rating from Morgan Stanley is influenced by the Hong Kong government's decision to increase the stamp duty rate for residential properties valued over $100 million to 6.5%. This measure is expected to negatively impact WHARF HOLDINGS (00004.HK) due to the properties in this category accounting for a small percentage of total trading volume but a significant portion of the total transaction amount. Additionally, while Morgan Stanley maintains a constructive view on the recovery of home prices, estimating a 10% increase this year, they note that share prices have already risen significantly (20-50% YTD), suggesting that some upside potential has been absorbed. The upcoming results announcement season may also introduce volatility due to lower profit margins and a weak earnings outlook for 2026.
Morgan Stanley
Price Target
$NULL
2026-02-26
maintain
The analyst rating from Morgan Stanley is influenced by the Hong Kong government's decision to increase the stamp duty rate for residential properties valued over $100 million to 6.5%. This measure is expected to negatively impact WHARF HOLDINGS (00004.HK) due to the properties in this category accounting for a small percentage of total trading volume but a significant portion of the total transaction amount. Additionally, while Morgan Stanley maintains a constructive view on the recovery of home prices, estimating a 10% increase this year, they note that share prices have already risen significantly (20-50% YTD), suggesting that some upside potential has been absorbed. The upcoming results announcement season may also introduce volatility due to lower profit margins and a weak earnings outlook for 2026.
Valuation Metrics
Forward PE
5Y Average PE
16.42
Current PE
16.65
Overvalued PE
19.97
Undervalued PE
12.88
Forward EV/EBITDA
5Y Average EV/EBITDA
12.73
Current EV/EBITDA
13.03
Overvalued EV/EBITDA
14.83
Undervalued EV/EBITDA
10.63
Forward PS
5Y Average PS
4.14
Current PS
5.17
Overvalued PS
4.90
Undervalued PS
3.37
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