DBS issued a research report stating that Wharf REIC (01997) is projected to achieve a 5% year-on-year increase in underlying profit for fiscal year 2025, reaching HK$6.5 billion, surpassing expectations primarily due to lower-than-expected financing costs. Although rental renewal rates showed negative growth, higher turnover rents still captured the recovery in tenant sales. Tenant sales growth accelerated in January 2026, outperforming the overall Hong Kong retail market. Improved retail confidence is expected to support valuation, leading DBS to maintain a "Buy" rating with a target price of HK$29.8.