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Wharf (Holdings)
(0004)
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Rating:52Neutral
Price Target:
HK$19.00
▼(-12.84% Downside)
Action:Reiterated
Date:06/06/26
The score is primarily supported by balance-sheet strength and positive cash generation, but is held back by unstable earnings and weak technical trend signals. Reported valuation metrics are a significant negative due to the extremely high P/E and modest dividend yield.
Positive Factors
Conservative balance sheet
Low debt-to-equity and a large equity base provide structural financial resilience, allowing the company to fund development cycles, absorb cyclical downturns and pursue opportunistic investments without immediate refinancing pressure. This enhances long-term flexibility and lowers default risk.
Negative Factors
Volatile revenue and profitability
Marked swings in revenue and periods of loss reduce earnings visibility and make planning and capital allocation harder. Reliance on timing of development completions and cyclical leasing means near- to mid-term cash generation and reported earnings remain unpredictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low debt-to-equity and a large equity base provide structural financial resilience, allowing the company to fund development cycles, absorb cyclical downturns and pursue opportunistic investments without immediate refinancing pressure. This enhances long-term flexibility and lowers default risk.
Read all positive factors
Wharf (Holdings) (0004) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$57.45B
Dividend Yield1.76%
Average Volume (3M)874.29K
Price to Earnings (P/E)948.5
Beta (1Y)0.68
Revenue Growth-9.23%
EPS GrowthN/A
CountryHK
Employees5,900
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)0.02
Shares Outstanding3,056,027,300
10 Day Avg. Volume747,424
30 Day Avg. Volume874,290
Financial Highlights & Ratios
PEG Ratio-13.05
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 TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.55
Revenue Forecast (FY)HK$14.99B
Wharf (Holdings) Business Overview & Revenue Model
Company Description
Established in Hong Kong in 1886, The Wharf (Holdings) Limited (Stock code: 0004) stands as the 17th company ever incorporated in the territory and a distinguished, long-standing enterprise. For over five decades, it has been a foundational compon...
How the Company Makes Money
The company primarily makes money through (1) recurring rental and related income from investment properties (e.g., leasing retail and office space and earning rents and associated property income), which tends to be its core, cash-generative reve...
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 | 1.02B | -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
Neutral
21.80
Price Trends
22.32
Negative
22.99
Negative
22.89
Negative
Market Momentum
-0.76
Negative
40.92
Neutral
57.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0004, the sentiment is Neutral. The current price of 21.8 is above the 20-day moving average (MA) of 18.76, below the 50-day MA of 22.32, and below the 200-day MA of 22.89, indicating a neutral trend. The MACD of -0.76 indicates Negative momentum. The RSI at 40.92 is Neutral, neither overbought nor oversold. The STOCH value of 57.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$159.10B | 14.68 | 2.75% | 4.33% | 27.01% | -20.16% | |
67 Neutral | HK$229.47B | 8.01 | 8.50% | 5.18% | 1.05% | -0.55% | |
67 Neutral | HK$98.83B | 25.05 | 2.20% | 5.62% | 30.32% | -1.37% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | HK$341.94B | 15.39 | 3.55% | 3.89% | 4.66% | 26.27% | |
52 Neutral | HK$57.45B | 948.50 | 0.03% | 1.76% | -9.23% | ― | |
51 Neutral | HK$141.30B | 9.85 | 3.23% | 4.54% | -9.39% | -19.08% |
* Real Estate Sector Average
HK:0004
Wharf (Holdings)
18.97
-3.77
-16.56%
HK:0688
China Overseas Land & Investment
13.10
-0.06
-0.49%
HK:1113
CK Asset Holdings
45.50
11.78
34.92%
HK:1109
China Resources Land
32.70
4.28
15.05%
HK:0083
Sino Land Co
10.27
2.07
25.27%
HK:0016
Sun Hung Kai Properties
117.00
30.77
35.69%
Wharf (Holdings) Corporate Events
Wharf Shareholders Back All AGM Resolutions, Renewing Capital Mandates and Board Line-up
May 14, 2026
Shareholders of The Wharf (Holdings) Limited approved all ordinary resolutions at the annual general meeting held in Hong Kong on 14 May 2026, including the adoption of the 2025 financial statements and the re-election of four retiring directors. ...
Wharf (Holdings) Sets Out Board Line-Up and Key Committee Roles
May 14, 2026
The Wharf (Holdings) Limited has announced the current composition of its board of directors, led by Chairman and Managing Director Stephen T. H. Ng, along with executive, non-executive, and independent non-executive directors who collectively ove...
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....
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.