[ET Net News Agency, 17 November 2017] Citi Research lowered its target price for Wharf
(Holdings) (00004) to HK$41 from HK$100, and maintained its "buy" rating.
The research house reiterated its view that after spinning off Wharf REIC (01997) for
separate listing on 23 November, the remaining Wharf Group could become a privatization
candidate of Wheelock (00020) in a potential step 2 reorganization.
Citi said Wharf's new business strategies significantly overlap Wheelock's, with both
focusing on HK development properties. Given that Wharf now has a much smaller market cap
post distribution of Wharf REIC, it thinks it would be easier for Wheelock to take it
private and make the combined Wheelock-Wharf Group a developer of HK and China properties.
On rising privatization expectations, Citi believes Wharf will trade at a narrower NAV
discount. (KL)
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00004 WHARF HOLDINGS
Nominal 
18.700 -0.280 (-1.475%) Others
17/11/2017 15:01
[I-bank focus]Citi lowers Wharf (Holdings) (00004) to HK$41
| Remark: | Real time quote last updated: 23/09/2024 17:59 |
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