[ET Net News Agency, 28 December 2020] Wharf Holdings (00004) has won a residential
site on the Peak for HK$12bn, or HK$46.3Kpsf. The site is located on No. 2-8 Mansfield
Road with a potential south-facing sea view.
Morgan Stanley said the same site was tendered in October 2018 but withdrawn due to bids
not meeting the reserve price of HK$60Kpsf. Transacted net ASP of the nearby south-facing
estate (56-year-old Carolina Garden) was HK$53Kpsf in August 2020.
The research house estimated net gearing will increase from 17% in June 2020 to 26%
after the acquisition, but Wharf could potentially liquidate the property stock portfolio
(currently worth HK$17bn excluding Greentown, Morgan estimated). It thinks that HK's
high-end residential market is challenging, and Morgan remains "underweight" on Wharf on
its low dividend yield (1.4%). It retained its target price of HK$18. (KL)
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00004 WHARF HOLDINGS
Nominal 
19.360 +0.320 (+1.681%) Research Report
28/12/2020 18:01
{I-bank focus}Wharf's net gearing rises on site acquisition
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