[ET Net News Agency, 29 December 2020] Citi Research lifted its target price for Wharf
(Holdings) (00004) to HK$20.4 from HK$14.4 and maintained its "neutral" rating, with a
relatively unattractive 2% yield and weak execution on Mainland China development property
business.
After Wheelock's successful privatisation by the Woo family, the research house thinks
Wharf may no longer be a privatisation target for the family in the medium-term. That
said, Citi believes Wharf group will remain busy with corporate actions, with the next one
being the possible acquisition of Wheelock Properties from the Woo family.
Citi expects Wharf to see decent unrealized gains on its equity portfolio due to its
heavy exposure to TMT (Technology, Media, and Telecom) stocks. (KL)