[ET Net News Agency, 6 March 2020] Goldman Sachs lowered its target price for Wharf
REIC (01997) to HK$51 from HK$53 and maintained its "buy" rating.
The research house said management see recent quarters as an abnormal period that render
operating metrics such as occupancy-cost-ratio (OCR) and tenant sales growth as not
indicative of both business planning and lease negotiation.
While there is no lease renewal at the moment with negotiations being pushed back to
wait for better clarity on business run-rates, overall they expect a negative rental
reversion to remain in 2020.
Goldman thinks 1H could be testing times for retail property landlords, given the
COVID-19 impact in February and March, with key brands' tenant sales down 80-90% during
the Chinese New Year holidays. It revised down its FY2020-21 EPS forecasts by up to 3%.
(KL)
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01997 WHARF REIC
Nominal 
22.750 -0.350 (-1.515%) Research Report
06/03/2020 16:47
{I-bank focus}Goldman lowers Wharf REIC (01997) to HK$51
| Remark: | Real time quote last updated: 18/04/2024 17:59 |
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