WREIC Offers Steady Returns but Slow Growth
We initiate coverage of Wharf Real Estate Investment Co, or WREIC, with narrow moat and stable moat trend ratings, along with a fair value estimate of HKD 51 per share. WREIC was spun off from Wharf with a portfolio of Hong Kong investment properties. Rental income accounts for 95% of the company’s operating profit, while the hotel operation contributes the remaining 5%.WREIC enjoys a narrow economic moat, with the moat source being efficient scale derived from its well-located and highly produ...
Wharf Real Estate Investment Company Ltd. WHARF REAL ESTATE INVESTMENT COMPANY LIMITED is a company principally engaged in the investment and operation of properties. The Company's Harbour City is a mixed-use integrated complex with retail and office premises, serviced apartments, hotels and a club. Strategically located at the harbour front in Tsim Sha Tsui, it includes one of the largest shopping malls in Hong Kong with a contiguous mall, drawing shoppers and tourists to its entertainment, dining and hotel components. The Company's Times Square is a mixed-use integrated complex which is directly connected to the MTR station in Causeway Bay, with retail and office premises which house 16 levels of shopping mall, and housed international brands and other retailers, 20 restaurants and a cinema. The Company's main revenue is rental income from investment properties.
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