[ET Net News Agency, 5 September 2019] UBS Global Research lowered its target price for
Wharf REIC (01997) to HK$42.1 from HK$65 and downgraded its rating to "neutral" from
"buy".
The research house said Wharf REIC's share price has declined by 31% since the start of
May 2019. UBS believes the market has priced in a sluggish earnings outlook, that is based
on (1) China-US trade friction, (2) social unrest in Hong Kong, and (3) a narrower price
differential for luxury goods in China and Hong Kong, due to sharp renminbi depreciation
and China's value-added tax (VAT) cut.
UBS believes positive share price catalysts are lacking in the near term, due to
potential further deterioration in retail sales. It lowered its 2019-21 earnings forecasts
by 8-19% to reflect its expectations of lower turnover rent contribution, rental
reversion, and occupancy. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
01997 WHARF REIC
Nominal 
22.750 -0.350 (-1.515%) Others
05/09/2019 17:45
{I-bank focus}UBS downgrades Wharf REIC (01997) to HK$42.1
| Remark: | Real time quote last updated: 18/04/2024 17:59 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |