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.
