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00004 WHARF HOLDINGS
RTNominal down25.700 -0.550 (-2.095%)
Research Report

08/01/2020 16:51

{I-bank focus}BofA upgrades Wharf Holdings (00004) to HK$26

[ET Net News Agency, 8 January 2020] BofA Global Research lifted its target price for
Wharf Holdings (00004) to HK$26 from HK$18.5 and upgraded its rating to "buy" from
"neutral".
The research house likes Wharf as (1) a deep-value stock (0.4x trailing P/B) that may
benefit from a style rotation from defensives to value in 2020; (2) it should see
share-price support from likely sustained share purchases by parent Wheelock (00020),
especially if Wheelock's ownership approaches 75% (from 70% currently), as well as
speculation over
Wheelock's ultimate intention toward Wharf; (3) a rise in value of Wharf's TMT listed
equity portfolio; and (4) relatively low exposure to HK among HK prop stocks.
BofA said it does not know if Wheelock would seek to privatize Wharf, but such
speculation may allow Wharf shares to re-rate in the next 12 months. It noted Wharf's
large liquid listed equity investment portfolio (HK$36bn) is sufficient to fund the buyout
of a 25% stake in Wharf's BPS (book value per share) of HK$47, and that Wheelock has a
history of privatizing some of its subsidiaries (although Wharf would be substantially
larger). (KL)

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