Wharf (Holdings) Ltd. (HK:0004)
:0004
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Wharf (Holdings)
(0004)
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Rating:51Neutral
Price Target:
HK$22.50
▲(3.21% Upside)
Action:ReiteratedDate:04/17/26
The score is mainly supported by a conservatively levered balance sheet and positive cash flow, but it is held back by unstable profitability (including recent loss years and only a thin return to profit), weak technical momentum, and very unattractive valuation metrics (especially the extremely high P/E with a low dividend yield).
Positive Factors
Conservative Balance Sheet
Low leverage and a very large equity base provide structural financial resilience. Over the next 2–6 months this capacity supports refinancing flexibility, capital deployment into selective development or asset upgrades, and better downside protection versus more highly levered peers.
Negative Factors
Volatile Revenue Trend
Significant revenue volatility reflects sensitivity to leasing, retail performance and development timing. That lowers near-term visibility for earnings and cash conversion, complicating capital planning and making operating performance less predictable over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Low leverage and a very large equity base provide structural financial resilience. Over the next 2–6 months this capacity supports refinancing flexibility, capital deployment into selective development or asset upgrades, and better downside protection versus more highly levered peers.
Read all positive factors
Wharf (Holdings) (0004) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$73.16B
Dividend Yield1.76%
Average Volume (3M)874.29K
Price to Earnings (P/E)―
Beta (1Y)0.60
Revenue Growth-9.23%
EPS GrowthN/A
CountryHK
Employees6,400
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)-0.16
Shares Outstanding3,056,027,300
10 Day Avg. Volume747,424
30 Day Avg. Volume874,290
Financial Highlights & Ratios
PEG Ratio-13.08
Price to Book (P/B)0.45
Price to Sales (P/S)6.04
P/FCF Ratio17.09
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$25.63Price Target Upside17.57% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering5
EPS Forecast (FY)1.48
Revenue Forecast (FY)HK$13.47B
Wharf (Holdings) Business Overview & Revenue Model
Company Description
Founded in 1886 with Hong Kong as its base, The Wharf (Holdings) Limited (Stock code: 0004) is the 17th company incorporated in Hong Kong and a premier company with a long history. As one of the 30 constituent stocks in the original Hang Seng Inde...
How the Company Makes Money
Wharf (Holdings) makes money mainly through property-based income and gains tied to its real estate activities. Key revenue and earnings sources include: (1) Recurring rental income from investment properties: The company earns rental revenue by l...
Wharf (Holdings) Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
74
Positive
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.00B | 12.12B | 18.95B | 18.06B | 22.38B |
| Gross Profit | 5.78B | 7.77B | 9.05B | 8.84B | 11.31B |
| EBITDA | 935.00M | -5.29B | 3.75B | 1.30B | 10.31B |
| Net Income | 50.00M | -3.22B | 945.00M | -1.71B | 6.02B |
Balance Sheet | |||||
| Total Assets | 198.51B | 190.04B | 204.88B | 221.75B | 253.70B |
| Cash, Cash Equivalents and Short-Term Investments | 19.87B | 9.72B | 11.59B | 14.65B | 23.56B |
| Total Debt | 17.91B | 16.85B | 19.43B | 19.96B | 36.74B |
| Total Liabilities | 46.09B | 47.57B | 56.67B | 66.04B | 87.32B |
| Stockholders Equity | 146.71B | 136.83B | 142.99B | 151.59B | 162.02B |
Cash Flow | |||||
| Free Cash Flow | 3.89B | 3.60B | 1.80B | 5.83B | 2.08B |
| Operating Cash Flow | 4.02B | 3.83B | 2.38B | 6.18B | 2.55B |
| Investing Cash Flow | 6.42B | -2.59B | -3.55B | 4.31B | 11.31B |
| Financing Cash Flow | -652.00M | -3.72B | -1.75B | -17.55B | -7.41B |
Wharf (Holdings) Technical Analysis
Negative
21.80
Price Trends
24.01
Negative
23.60
Negative
22.92
Negative
Market Momentum
-0.61
Negative
41.93
Neutral
60.73
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0004, the sentiment is Negative. The current price of 21.8 is below the 20-day moving average (MA) of 22.19, below the 50-day MA of 24.01, and below the 200-day MA of 22.92, indicating a bearish trend. The MACD of -0.61 indicates Negative momentum. The RSI at 41.93 is Neutral, neither overbought nor oversold. The STOCH value of 60.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0004.
Wharf (Holdings) Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | HK$169.88B | 12.36 | 2.75% | 4.33% | 27.01% | -20.16% | |
67 Neutral | HK$118.29B | 15.34 | 2.20% | 5.62% | 30.32% | -1.37% | |
66 Neutral | HK$229.62B | 3.64 | 8.80% | 5.18% | 2.11% | -0.55% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
54 Neutral | HK$135.50B | 7.48 | 3.54% | 4.54% | -9.39% | -19.08% | |
51 Neutral | HK$73.16B | -34.25 | 0.03% | 1.76% | -9.23% | ― | |
44 Neutral | HK$48.18B | -0.40 | -52.03% | ― | -31.93% | -79.74% |
* Real Estate Sector Average
HK:0004
Wharf (Holdings)
23.70
4.96
26.48%
HK:2202
China Vanke Co
2.85
-2.59
-47.61%
HK:0688
China Overseas Land & Investment
12.41
-0.97
-7.23%
HK:1113
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48.46
18.58
62.15%
HK:1109
China Resources Land
31.38
6.63
26.80%
HK:0083
Sino Land Co
12.33
4.91
66.13%
Wharf (Holdings) Corporate Events
Wharf (Holdings) Sets AGM to Renew Share Buy-back and Issuance Mandates
Apr 14, 2026
The Wharf (Holdings) Limited has called its annual general meeting for 14 May 2026 in Hong Kong, where shareholders will vote on adopting the 2025 financial statements, re-electing retiring directors and re-appointing the company’s auditors....
Wharf (Holdings) Sets April Deadline Before Forfeiting Unclaimed 2019 Dividend
Mar 27, 2026
The Wharf (Holdings) Limited has announced that any portion of its second interim dividend for 2019, declared at HK$0.075 per share on 10 March 2020, will be forfeited if it remains unclaimed by 27 April 2026 under the company’s Articles of ...
Wharf (Holdings) Sets Second Interim Dividend of HK$0.20 Per Share for 2025
Mar 27, 2026
The Wharf (Holdings) Limited has declared a second interim dividend, in lieu of a final dividend, of HK$0.20 per share for the financial year ended 31 December 2025, payable in Hong Kong dollars. The dividend will be paid on 23 April 2026 to share...
Wharf (Holdings) Switches Share Registrar to Tricor Investor Services
Mar 25, 2026
The Wharf (Holdings) Limited has announced a change to its share registrar and transfer office, appointing Tricor Investor Services Limited as the new provider with effect from 27 March 2026. This shift means all future share transfer registration...
Wharf (Holdings) Announces Retirement of Independent Director Richard Tang
Mar 12, 2026
The Wharf (Holdings) Limited has announced that independent non-executive director Richard Yat Sun Tang will retire by rotation at the annual general meeting scheduled for 14 May 2026 and will not seek re-election. His directorship will end at the...
Wharf (Holdings) Swings Back to Profit as Property Write-Downs Ease and Hong Kong Luxury Sales Rebound
Mar 12, 2026
Wharf (Holdings) reported a sharp turnaround in 2025, with underlying net profit rising to HK$4.1 billion as property write-downs, particularly on Mainland development projects, fell significantly. Including reduced revaluation deficits on investm...
Wharf (Holdings) Declares Second Interim Dividend for 2025
Mar 12, 2026
The Wharf (Holdings) Limited has declared a second interim ordinary dividend of HKD 0.20 per share for the financial year ended 31 December 2025, in lieu of a final dividend. The dividend will be paid in Hong Kong dollars with no stated withholdin...
Wharf (Holdings) Sets March Board Meeting to Approve 2025 Results and Consider Dividend
Mar 2, 2026
Wharf (Holdings) has scheduled a board meeting for 12 March 2026 to approve the release of its audited final results for the financial year ended 31 December 2025. The directors will also consider whether to recommend a dividend, a decision that c...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.