[ET Net News Agency, 15 June 2020] Goldman Sachs lowered its target price for Wharf
Holdings (00004) to HK$20 from HK$21 and maintained its "buy" rating.
The research house said the company sees a faster pace of recovery in recent months in
its rental versus residential development property businesses. Shopping mall tenants have
mostly resumed operations as footfall has normalized back to 50-60% of pre-COVID19 levels.
While most of its development property projects in mainland China have resumed
constructions, contract sales have yet to see a significant pickup.
Factoring in softer 1H contract sales due to COVID-19, Goldman cut Wharf's FY2020-22 EPS
forecasts by 14%. (KL)