[ET Net News Agency, 21 May 2018] Goldman Sachs raised its target price for Wheelock &
Co. (00020) to HK$77.7 from HK$70.8, and retained its "buy" rating.
The research house said the target price upgrade reflects its revised valuations for
Wharf REIC (01997) and Wharf (00004). At current prices, Goldman believes little
expectation has been built in for potential group restructuring.
Given the solid fundamentals across its various businesses (i.e., HK/China retail, HK
DP), coupled with the undemanding valuation (37% holdco discount to its current NAV, with
Wharf also trading at 54%), Goldman continues to see compelling risk-reward. (KL)