[ET Net News Agency, 21 May 2018] Goldman Sachs cut its target price for Wharf Holdings
(00004) to HK$36.3 from HK$37, and retained its "buy" rating.
The research house said Wharf posted a strong set of FY2017 results with core earnings
jumped 36% yoy driven by strong HK/China DP profit on solid execution on property sale and
better net margin as Goldman flagged.
Goldman agrees that Wharf's stock investments, by which HK$10bn to acquire HK property
stocks and another HK$15.5bn in infrastructure plays (e.g., e-commerce, social media),
would add on equity market risk, but it believes the market is overly negative.
They are not significant representing only 4% of group asset value (or 10% of net book
value), it noted. Goldman tweaked its FY2018-20 EPS forecasts by -2-1% and FY2019 NAV to
HK$62.1 per share (from HK$63.4). (KL)
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00004 WHARF HOLDINGS
Nominal 
24.850 0.000 (0.000%) Others
21/05/2018 16:04
[I-bank focus]Goldman cuts Wharf Holdings (00004) to HK$36.3
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