[ET Net News Agency, 6 April 2020] J.P. Morgan lowered its target price for Wharf REIC
(01997) to HK$28.5 from HK$32 and maintained its "underweight" rating.
The research house expects Wharf REIC to experience an earnings decline in FY2020. A
sharp rebound in retail rent looks challenging even without the current COVID-19 concerns.
While Wharf REIC historically has stronger bargaining power over its tenants, JPM
believes the current downturn in the retail market has changed the competitive landscape
for landlords with Mainland tourist spending on a downtrend.
Given its deteriorating earnings profile, JPM believes a more sustainable de-rating is
possible. (KL)
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01997 WHARF REIC
Nominal 
23.100 +0.100 (+0.435%) Research Report
06/04/2020 17:10
{I-bank focus}JP Morgan trims Wharf REIC (01997) to HK$28.5
| Remark: | Real time quote last updated: 25/04/2024 16:02 |
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