[ET Net News Agency, 31 July 2020] Morgan Stanley lowered its target price for Wharf
REIC (01997) to HK$28 from HK$30 and maintained its "underweight" rating.
The research house said Wharf REIC's 1H results miss, and Morgan sees further downside
risk in 2H. Morgan lowered its 2020-21 DPS estimates by 7%, which reflects lower retail
occupancy, further rent concessions, and lower hotel profits. It expects 2H DPS to decline
4% HoH and 19% YoY, to HK$0.75.
Morgan estimated average malls' occupancy to decline at least 3ppt HoH in 2H. As of June
2020, occupancy was 90% at Harbour City and 92% at Times Square. (KL)
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01997 WHARF REIC
Nominal 
23.850 +0.800 (+3.471%) Research Report
31/07/2020 17:34
{I-bank focus}Morgan trims Wharf REIC (01997) to HK$28
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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