[ET Net News Agency, 5 March 2021] Credit Suisse lifted its target price for Wharf REIC
(01997) to HK$45.5 from HK$45.3 and maintained its "neutral" rating.
The research house said Wharf REIC's FY2020 underlying profit of HK$7.48bn was 4% ahead
of Credit Suisse's estimates. The higher revenue contribution from the development
property business in Suzhou diluted the margin.
Negative rental reversion is expected to continue but the magnitude will turn milder, as
per management. Credit Suisse thinks luxury retail sales will benefit more if the border
is to reopen and Wharf REIC is better positioned to reap more upside. (KL)