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00004 WHARF HOLDINGS
RTNominal down25.100 -0.050 (-0.199%)
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22/11/2017 15:05

[I-bank focus]Credit Suisse lowers Wharf (00004) to HK$27.4

[ET Net News Agency, 22 November 2017] Credit Suisse lowered its target price for Wharf
Holdings (00004) to HK$27.4 from HK$27.61, and maintained its "neutral" rating.
The research house cut its FY2017-19 earnings forecasts by 56%/58%/60% to reflect the
spinoff. It estimated Wharf's China development land bank would be enough for the next
four years of development profit or three years of China property sales.
As no more than 50% of the total equity will be allocated to China properties, China
development property contribution is likely to fall in medium term, added.
The bright spot is a stronger rental income on the opening of CDIFS Mall (September
2017) and CSIFS Mall (2Q 2018). Together with the positive rental reversions at CDIFS Mall
and ramp up of the office, Credit Suisse forecast a 18% CAGR in China rental income over
FY2017-19. (KL)

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