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01997 WHARF REIC
RTNominal up23.050 +0.050 (+0.217%)
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17/01/2018 11:36

[I-bank focus]Nomura upgrades Wharf REIC (01997) to HK$63.5

[ET Net News Agency, 17 January 2018] Nomura Research lifted its target price for Wharf
REIC (01997) to HK$63.5 from HK$53.5, and upgraded its rating to "buy" from "neutral".
The research house is now taking a more positive stance on HK high-end retail in 2018,
and expects it to outshine non-discretionary spending growth and negative rental reversion
to abate.
Nomura lifted its FY2018-20 DPS CAGR growth for Wharf REIC by 2.9pp to 7.1%, implying a
FY2018 3.8% dividend yield based on the current share price.
It said that Wharf REIC as a beta play on HK high-end retail recovery Harbour City has
always outperformed overall retail sales in HK, especially in upcycles. Such an upcycle
could potentially lead to further rental upside from greater contributions from turnover
rent. (KL)

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