Wharf Real Estate Investment Co Ltd

01997: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$95.00	Xbwmp	Jnrmrhmc

Wharf REIC Earnings: Recovery Trends Expected; Cutting Valuation by 5% on Weaker Times Square Growth

Xinfu Lee , Kathy Chan

Mar 8, 2024

Underlying trends within narrow-moat Wharf Real Estate Investment’s 2023 results are within expectations. Revenue increased 7% year on year as the company benefitted from a recovery in Harbour City, albeit offset by a weaker office revenue amid a challenging Hong Kong office market. That said, dividends per share declined 2.3% year on year to HKD 1.28 due to elevated borrowing costs.

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