<Research Report>WHARF HOLDINGS (00004.HK) maintained Buy with TP lifted to HK$53 by BofA ML

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WHARF HOLDINGS (00004.HK) maintained Buy with TP lifted to HK$53 by BofA ML

2012-08-20 10:43:16

Size

The completion of renovation works for Times Square and the opening of the first phase of IFC mall in Chengdu are positive to WHARF HOLDINGS (00004.HK)'s profit performance in 2012, said Bank of America Merrill Lynch.

The broker expects WHARF HOLDINGS to book solid rental income and see growth in property sales in the Mainland in the first half of 2012. It projects the core profit of WHARF HOLDINGS will jump 23% to HK$4 billion.

The broker also predicts WHARF HOLDINGS's rental income for 2013 and 2014 to grow by 9% and 12% respectively.

WHARF HOLDINGS was maintained Buy with target lifted to HK$53 from HK$50.

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