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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  Wharf Real Estate Investment Company Limited    1997   KYG9593A1040

WHARF REAL ESTATE INVESTMENT COMPANY LIMITED

(1997)
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Hong Kong landlords downbeat on mall income, office rentals

07/30/2020 | 07:20am EST

Two big Hong Kong landlords gave a downbeat outlook on Thursday for commercial property in the Asian financial hub, saying they expect the pandemic and local factors to continue to weigh on consumer spending and business for the rest of the year.

"Hong Kong is hit by three headwinds, which is the epidemic, violent protests last year, and a 'full-blown war' between China and the U.S. This is bad for businesses," Ronnie Chan, chairman of Hang Lung Properties, said at an earnings conference.

The developer reported that underlying net profit fell 11% to HK$2 billion ($258 million) in the first six months of 2020.

The company, which also owns shopping malls and office towers in mainland China, was much more confident about the market across the border, saying it expected a full recovery from its properties there by the end of the third quarter.

Chan said the luxury market in the mainland was little affected by the pandemic and consumers were spending more at home as travel restrictions curbed travelling overseas.

"The mainland China market is very encouraging. The big international brands are expanding very aggressively. In the coming three years, there are 70 leases signed with our malls," he said.

In Hong Kong, another major property company Wharf Real Estate Investment Company (REIC) said that while the number of new tenants had dropped a lot, some luxury brands including Hermès and Christian Louboutin had opened shops in its malls.

However, it said the retail market still faced challenges and uncertainties in the second half.

The company reported a 26% drop in underlying net profit for the first six months to HK$3.8 billion, with retail income dropping 27%.

Hong Kong's retail sales plunged 24.8% in June from a year earlier, falling for the 17th consecutive month, data showed on Thursday.

Wharf also said that office rents were under pressure as vacancies rose.

(Reporting by Clare Jim; Editing by Susan Fenton)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
HANG LUNG GROUP LIMITED -1.02% 19.42 End-of-day quote.0.83%
HANG LUNG PROPERTIES LIMITED -2.88% 20.25 End-of-day quote.18.42%
WHARF REAL ESTATE INVESTMENT COMPANY LIMITED -2.88% 37.05 End-of-day quote.-22.08%
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Financials
Sales 2020 13 496 M 1 741 M 1 741 M
Net income 2020 7 855 M 1 013 M 1 013 M
Net Debt 2020 44 188 M 5 701 M 5 701 M
P/E ratio 2020 14,7x
Yield 2020 4,24%
Capitalization 114 B 14 749 M 14 749 M
EV / Sales 2020 11,7x
EV / Sales 2021 11,1x
Nbr of Employees 2 800
Free-Float 49,9%
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Technical analysis trends WHARF REAL ESTATE INVESTMENT COMPANY LIMITED
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TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 36,28 HKD
Last Close Price 37,65 HKD
Spread / Highest target 33,3%
Spread / Average Target -3,63%
Spread / Lowest Target -27,0%
EPS Revisions
Managers
NameTitle
Tin Hoi Ng Chairman & Managing Director
Yuk Fong Lee Vice Chairman
Yen Thean Leng Executive Director
Siu Kee Au Independent Non-Executive Director
Richard Gareth Williams Independent Non-Executive Director