Wharf Lacks a Driver for Strong Earnings Growth
Ahead of the interim results, we see divergent performance among Wharf’s various business segments. Contract sales in China have been slow at CNY 1.6 billion for the first quarter, out of a target of CNY 22 billion for the year. On the investment property side, Chongqing IFS and Changsha IFS are currently ramping up, but they are not yet large contributors to earnings. In Hong Kong, earnings from development properties are limited to ultra-luxury projects from the company’s high-end portfolio. T...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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