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RTNominal down20.850 -0.150 (-0.714%)

27/11/2019 17:20

{I-bank focus}Goldman trims Wharf Holdings (00004) to HK$24

[ET Net News Agency, 27 November 2019] Goldman Sachs lowered its target price for Wharf
Holdings (00004) to HK$24 from HK$29.9 and maintained its "buy" rating.
The research house said about one-third of Wharf's cashflow is indeed more recurring in
nature generated from its mainland China investment properties and HK/mainland China
terminal operations; the rest from the more cyclical residential property sales in
HK/mainland China.
As such, Goldman does not see much risk for the group to maintain its 30% payout or
absolute dividend at HK$0.65/share, even if group earnings were to be dragged by volatile
property sales.
In the long run, the upside to its dividend payout would depend on its ability to
increase its recurring earnings stream by, for example, further growing its mainland China
investment property portfolio. (KL)

Remark: Real time quote last updated: 23/01/2020 17:59
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