Equity Analysis /
Hong Kong

HK : Wharf Holdings Ltd - Remaining conservative in new investments

    Raymond Cheng
    Raymond Cheng

    Head of Hong Kong Research

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    Steven MAK
    Will Chu
    CGS-CIMB
    10 August 2022
    Published byCGS-CIMB

    WHL reported an underlying profit of HK$526m in 1H22, reversing a loss in 1H21, due to lower impairment provision on DP yoy. Despite continued provisions on China DP (HK$2bn), management was right to halt land acquisitions in China since 2H18. Reiterate Hold with a higher TP of HK$28.0 (45% discount to NAV).