Wharf Real Estate Investment Co Ltd
01997: XHKG (HKG)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
HK$21.00 | Khlrzz | Jtjnbfj |
Wharf REIC Earnings: Recovery Trends Expected; Cutting Valuation by 5% on Weaker Times Square Growth
Underlying trends within narrow-moat Wharf Real Estate Investment’s 2023 results are within expectations. Revenue increased 7% year on year as the company benefitted from a recovery in Harbour City, albeit offset by a weaker office revenue amid a challenging Hong Kong office market. That said, dividends per share declined 2.3% year on year to HKD 1.28 due to elevated borrowing costs.