DBS published a research report stating that WHARF HOLDINGS (00004) recorded a 3% year-on-year increase in underlying profit to HK$2.035 billion in the first half of the year. Benefiting from reduced impairments, this performance exceeded the bank's expectations, primarily due to lower-than-expected interest and tax expenses. The interim dividend remained unchanged at HK$0.20 per share. The bank lowered its target price for WHARF HOLDINGS from HK$25.1 to HK$24.9, while upgrading the investment rating from "Hold" to "Buy". The bank noted that WHARF HOLDINGS' share price declined 6% over the past month, underperforming the broader market by 9 percentage points. The current share price trades at a 60% discount to the bank's assessed net asset value, slightly above the 10-year average of 59%. The bank indicated that if upcoming residential projects receive positive market response, this should improve market sentiment toward the stock.