The Wharf's Interim Results a Beat on Recovering HK Retail and Improving China Residential
Wharf’s interim 2017 results were stronger than expected, with core profit up 22% to HKD 7.3 billion year on year, or 60% of our full-year estimate. The company’s retail assets in Hong Kong are slowly recovering with revenue up modestly and margin improving, resulting in higher-than-expected earnings. For property development in China, while the booking was slower than expected, margin improved significantly from a year ago. The company declared a dividend of HKD 0.64 per share, up 10% year on y...Wharf is an investment holding company. Co. operates in five segemnts: investment property, which includes property leasing operations consisting of retail, office and serviced apartments; development property, which encompasses activities relating to the acquisition, development, design, construction, sale and marketing of Co.'s trading properties; hotels, which includes hotel operations in the Asia Pacific region; logistics, which includes the container terminal operations in Hong Kong and Mainland China; and media and entertainment, which comprises pay television, internet and multimedia and other businesses and the telecommunication businesses.
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