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<Research>Citi Lifts WHARF HOLDINGS (00004.HK) TP to $21.15, Keeps Sell Rating
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WHARF HOLDINGS (00004.HK) had stable DPS and maintained a net cash position, with the presale of ultra-luxury properties expected to accelerate, Citi Research issued a research report saying. The Company planned to maximize value by monetizing existing land reserves, such as ultra-luxury units, and intended to further invest in quality Hong Kong real estate projects, whether luxury or mass market. The broker believed that any improvement in WHARF HOLDINGS' capital utilization efficiency could enhance the Company's long-term ROE. However, due to the current quiet business status and tight valuation, Citi Research kept rating at Sell, and lifted its target price from $18.3 to $21.15. AASTOCKS Financial News Website: www.aastocks.com |
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