Goldman Sachs has issued a research report maintaining a "Sell" rating on Wharf Holdings (00004), with a target price of HK$25 based on net asset value (NAV), unchanged from previous estimates. Although the company's full-year results for last year exceeded expectations and management expressed optimism about the prospects for Hong Kong's luxury residential market, it remains cautious regarding its investment properties and logistics business in Mainland China. The report indicated that management's outlook for various business segments is mixed: optimism is held for Hong Kong's ultra-luxury housing market, with positive signs of recovery observed in the second half of last year, and recent developments in the Middle East potentially attracting more capital inflows into Hong Kong. However, tenant sales performance in Mainland China investment properties has been weak, and a cautious view is maintained on the logistics business due to oversupply of handling capacity at ports in Southern China. After updating the company's development property plans, Goldman Sachs raised its core earnings per share forecasts for Wharf Holdings for the current and next year by approximately 5%, while also introducing projections for fiscal year 2028. Although the group is seen as benefiting from the recovery in Hong Kong's luxury property market, the outlook and returns for several of its other businesses remain challenging, and the stock's current valuation is deemed unattractive.