[ET Net News Agency, 4 June 2013] JP Morgan raised its target price for The Wharf
(00004) to HK$80 from HK$65.4, and upgraded the stock to "overweight" from "neutral".
The research house believes the recent share price correction of Wharf provides a good
opportunity for long-term investors to accumulate the stock. In the medium to long-term,
it expects the growth in recurring income and earnings from China development properties
will narrow the average NAV discount.
JPM believes that the cash inflow generated from rental income and residential sales
should be sufficient to fund the capex.
It noted that the retail mall of Chengdu IFS is expected to open in early 2014.
Pre-leasing has been satisfactory with 86% of the retail space being committed. The house
estimated that China rental EBIT will be enhanced by 63% Y/Y in FY2014 mainly driven by
the completion of this project. (KL)
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