Wharf (Holdings) Ltd. (HK:0004)
:0004
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Wharf (Holdings)
(0004)
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Rating:58Neutral
Price Target:
HK$25.00
▲(14.68% Upside)
Action:Reiterated
Date:05/08/26
The score is held back primarily by unstable profitability (loss years and thin latest margin) and valuation uncertainty from a negative P/E, partially offset by a conservatively levered balance sheet and positive cash flow. Technically, the uptrend is strong versus moving averages, but overbought signals (RSI/Stoch) increase near-term pullback risk.
Positive Factors
Conservative balance sheet
A low debt-to-equity range and large equity base provide durable financial capacity to fund development, absorb shocks, and support long-term property holdings. This conservatively levered structure preserves strategic optionality for capex, acquisitions, or smoothing dividend policy across cycles.
Negative Factors
Volatile revenue and earnings
Sharp swings between profit and loss and an uneven revenue trend reduce earnings visibility and make planning tougher for capital allocation. Thin recent margins indicate low earnings quality, increasing sensitivity to vacancy, rental reversions, or weaker development market conditions over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
A low debt-to-equity range and large equity base provide durable financial capacity to fund development, absorb shocks, and support long-term property holdings. This conservatively levered structure preserves strategic optionality for capex, acquisitions, or smoothing dividend policy across cycles.
Read all positive factors
Wharf (Holdings) (0004) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$73.47B
Dividend Yield1.76%
Average Volume (3M)874.29K
Price to Earnings (P/E)1328.8
Beta (1Y)0.67
Revenue Growth-9.23%
EPS GrowthN/A
CountryHK
Employees6,400
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-13.08
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$12.87B
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
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
Negative
21.80
Price Trends
24.12
Negative
24.26
Negative
23.26
Positive
Market Momentum
0.56
Positive
41.82
Neutral
5.36
Positive
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 26.44, below the 50-day MA of 24.12, and below the 200-day MA of 23.26, indicating a neutral trend. The MACD of 0.56 indicates Positive momentum. The RSI at 41.82 is Neutral, neither overbought nor oversold. The STOCH value of 5.36 is Positive, 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$401.63B | 6.70 | 3.55% | 3.89% | 4.66% | 26.27% | |
74 Outperform | HK$179.01B | 12.36 | 2.75% | 4.33% | 27.01% | -20.16% | |
73 Outperform | HK$248.87B | 7.63 | 8.88% | 5.18% | 1.05% | -0.55% | |
67 Neutral | HK$118.01B | 15.34 | 2.20% | 5.62% | 30.32% | -1.37% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | HK$73.47B | 1,328.77 | 0.03% | 1.76% | -9.23% | ― | |
58 Neutral | HK$171.40B | 8.19 | 3.54% | 4.54% | -9.39% | -19.08% |
* Real Estate Sector Average
HK:0004
Wharf (Holdings)
24.04
4.35
22.09%
HK:0688
China Overseas Land & Investment
15.66
3.13
24.98%
HK:1113
CK Asset Holdings
51.15
20.32
65.89%
HK:1109
China Resources Land
34.90
11.05
46.35%
HK:0083
Sino Land Co
12.31
4.73
62.34%
HK:0016
Sun Hung Kai Properties
138.60
59.46
75.13%
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....
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.