[ET Net News Agency, 10 January 2020] J.P. Morgan raised its target price for The Wharf
(Holdings) Limited (00004) to HK$26 from HK$21.5 and maintained its "overweight" rating.
The research house expects that asset turnover for Wharf in China development properties
is likely to increase with potential selective easing. The support of domestic consumption
has benefited Wharf's IFS malls in China. JPM believes its current valuation has more than
reflected the concerns over its corporate governance related to equity investments.
Wheelock's (00020) holding in Wharf has increased to 69% and JPM sees hidden value in
Modern Terminals/positive prospect for a potential dividend increase. (KL)