Morgan Stanley Raises Wharf Holdings' Profit Estimates for Next Two Years by 10%, Keeps "Underweight" Rating

Stock News

Mar 17

Morgan Stanley has released a research report adjusting its outlook for Wharf Holdings (00004). The firm lowered its bull-case target price for the company from HK$33 to HK$32 and reduced its bear-case target price from HK$15 to HK$14. Based on updated forecasts for net asset value and net debt, the valuation was calculated using a 60% discount to net asset value, which is 0.5 standard deviations below the historical average. The base target price remains unchanged at HK$23. Due to challenging operating prospects and unattractive valuation, with a yield of 1.7%, Morgan Stanley maintains an "Underweight" rating on the stock.

The report incorporates Wharf Holdings' fiscal 2025 results and introduces forecasts for 2028. After accounting for several factors, the bank has raised its basic profit estimates for the company for fiscal 2026 and 2027 by 10% each. These adjustments reflect: (1) updated assumptions regarding retail and office rental adjustments, occupancy rates, and interest rates; (2) revised schedules for property development revenue recognition and project completion; and (3) an improved debt ratio. Given Wharf Holdings' net cash position and stable income streams from rental and logistics properties, Morgan Stanley forecasts that the company's dividend per share will grow by 3% annually from fiscal 2026 to 2028.

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The firm lowered its bull-case target price for the company from HK$33 to HK$32 and reduced its bear-case target price from HK$15 to HK$14. Based on updated forecasts for net asset value and net debt, the valuation was calculated using a 60% discount to net asset value, which is 0.5 standard deviations below the historical average. The base target price remains unchanged at HK$23. Due to challenging operating prospects and unattractive valuation, with a yield of 1.7%, Morgan Stanley maintains an \"Underweight\" rating on the stock.</p>\n<p>The report incorporates Wharf Holdings' fiscal 2025 results and introduces forecasts for 2028. After accounting for several factors, the bank has raised its basic profit estimates for the company for fiscal 2026 and 2027 by 10% each. These adjustments reflect: (1) updated assumptions regarding retail and office rental adjustments, occupancy rates, and interest rates; (2) revised schedules for property development revenue recognition and project completion; and (3) an improved debt ratio. Given Wharf Holdings' net cash position and stable income streams from rental and logistics properties, Morgan Stanley forecasts that the company's dividend per share will grow by 3% annually from fiscal 2026 to 2028.</p>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley Raises Wharf Holdings' Profit Estimates for Next Two Years by 10%, Keeps \"Underweight\" Rating</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley Raises Wharf Holdings' Profit Estimates for Next Two Years by 10%, Keeps \"Underweight\" Rating\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036600163\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Stock News </p>\n<p class=\"h-time\">2026-03-17 17:34</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Morgan Stanley has released a research report adjusting its outlook for Wharf Holdings (00004). The firm lowered its bull-case target price for the company from HK$33 to HK$32 and reduced its bear-case target price from HK$15 to HK$14. Based on updated forecasts for net asset value and net debt, the valuation was calculated using a 60% discount to net asset value, which is 0.5 standard deviations below the historical average. The base target price remains unchanged at HK$23. Due to challenging operating prospects and unattractive valuation, with a yield of 1.7%, Morgan Stanley maintains an \"Underweight\" rating on the stock.</p>\n<p>The report incorporates Wharf Holdings' fiscal 2025 results and introduces forecasts for 2028. After accounting for several factors, the bank has raised its basic profit estimates for the company for fiscal 2026 and 2027 by 10% each. 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Given Wharf Holdings' net cash position and stable income streams from rental and logistics properties, Morgan Stanley forecasts that the company's dividend per share will grow by 3% annually from fiscal 2026 to 2028.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK1534","symbol_name":"收租股","start_time":0,"source_url":"","article_id":"1140898853","we_media_id":"1036600163","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1140898853","pubTimestamp":1773740058,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Stock News","introduction":"Global Stock News First-Time Broadcast","home_visible":1,"id":"1036600163","head_image":"https://community-static.tradeup.com/news/b3bf6d02ad1a6e9e7377eebbb162346a"},"summary":"Morgan Stanley has released a research report adjusting its outlook for Wharf Holdings (00004). The firm lowered its bull-case target price for the company from HK$33 to HK$32 and reduced its...","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK1534":"收租股","00004":"九龙仓集团","BK1216":"多样化房地产活动","BK1601":"香港本地股","SG9999003461.SGD":"United Asia Pacific Infrastructure SGD"},"translate_title":"大摩上调九龙仓集团未来两年盈利预测10%维持“跑输大盘”评级","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"00004":1},"content_text":"Morgan Stanley has released a research report adjusting its outlook for Wharf Holdings (00004). The firm lowered its bull-case target price for the company from HK$33 to HK$32 and reduced its bear-case target price from HK$15 to HK$14. Based on updated forecasts for net asset value and net debt, the valuation was calculated using a 60% discount to net asset value, which is 0.5 standard deviations below the historical average. The base target price remains unchanged at HK$23. Due to challenging operating prospects and unattractive valuation, with a yield of 1.7%, Morgan Stanley maintains an \"Underweight\" rating on the stock.\nThe report incorporates Wharf Holdings' fiscal 2025 results and introduces forecasts for 2028. After accounting for several factors, the bank has raised its basic profit estimates for the company for fiscal 2026 and 2027 by 10% each. These adjustments reflect: (1) updated assumptions regarding retail and office rental adjustments, occupancy rates, and interest rates; (2) revised schedules for property development revenue recognition and project completion; and (3) an improved debt ratio. Given Wharf Holdings' net cash position and stable income streams from rental and logistics properties, Morgan Stanley forecasts that the company's dividend per share will grow by 3% annually from fiscal 2026 to 2028.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":true,"editions":null,"column":"","sentiment":"0","news_tag":"dataReport,express","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}