Lacking Strong Earnings Driver, but Shares Undervalued
Year to date, shares of Wharf Holdings dropped almost 27%, underperforming the market by more than 10%. The poor performance was attributed to a slowing residential market in China, coupled with a slowing retail sales growth in China. Further, the company holds a portfolio of listed equities of blue-chip Hong Kong property developers as a way to manage its excess cash. While the company seems to lack a strong growth driver at this point, we believe the degree of underperformance relative to its ...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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