[ET Net News Agency, 31 July 2020] Citi Research lowered its target price for Wharf
REIC (01997) to HK$36.4 from HK$46.8 and maintained its "buy" rating.
The research house views Wharf REIC as a proxy to the developments of COVID-19 in HK,
and hence the stock was badly hit when there was an outbreak of a third wave of COVID-19
from 1 July, which has driven the current tightest social distancing measures as well as
delaying expectations that HK will open up the border to Mainland visitors.
Citi currently expects the HK border will not reopen till the end-2020, but the COVID-19
situation should see improvements in August on current tough measures. Citi priced in an
11-month (February-December 2020) 40% overall rent concession for all retail trades in
FY2020. After cutting the earnings forecasts, the stock is trading at an attractive 5%
FY2020 dividend yield. (KL)
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01997 WHARF REIC
Nominal 
22.650 -0.350 (-1.522%) Research Report
31/07/2020 17:30
{I-bank focus}Citi lowers Wharf REIC (01997) to HK$36.4
| Remark: | Real time quote last updated: 25/04/2024 14:29 |
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