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Wharf Real Estate Investment Co
(1997)
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Rating:68Neutral
Price Target:
HK$29.00
▲(15.45% Upside)
Action:Reiterated
Date:08/06/26
The score is primarily supported by a conservative, low-leverage balance sheet and stable positive cash generation. Technicals are favorable with price above key moving averages and positive MACD, though overbought RSI/Stoch temper the technical outlook. Valuation is helped by an attractive dividend yield, but negative earnings (negative P/E) constrain the valuation assessment.
Positive Factors
Conservative balance sheet
A low debt-to-equity (approx. 0.19) and a multi-year decline in total debt provide structural resilience in cyclical property markets. This durable capital strength preserves liquidity, supports investment or redevelopment, and reduces refinancing risk across 2–6 months and beyond.
Negative Factors
Weak top-line momentum
Flat-to-declining revenues signal limited organic growth and constrained pricing power in core markets. Persistent top-line weakness reduces the ability to grow recurring income and makes recovery reliant on cyclical development or market-driven rent uplifts rather than steady internal expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
A low debt-to-equity (approx. 0.19) and a multi-year decline in total debt provide structural resilience in cyclical property markets. This durable capital strength preserves liquidity, supports investment or redevelopment, and reduces refinancing risk across 2–6 months and beyond.
Read all positive factors
Wharf Real Estate Investment Co (1997) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$98.07B
Dividend Yield4.14%
Average Volume (3M)4.00M
Price to Earnings (P/E)―
Beta (1Y)0.91
Revenue Growth-0.55%
EPS Growth-337.48%
CountryHK
Employees2,900
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-1.40
Shares Outstanding3,036,227,300
10 Day Avg. Volume3,626,616
30 Day Avg. Volume4,004,247
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)0.41
Price to Sales (P/S)5.82
P/FCF Ratio11.09
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$33.64Price Target Upside33.93% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)2.21
Revenue Forecast (FY)HK$12.67B
Wharf Real Estate Investment Co Business Overview & Revenue Model
Company Description
Wharf Real Estate Investment Co (1997) is an investment holding company focused on real estate activities. It is associated with The Wharf (Holdings) Limited group and engages in property development and investment, including managing and monetizi...
How the Company Makes Money
Wharf Real Estate Investment Co (1997) makes money mainly through (1) rental and property-related income from investment properties and (2) profits from property development and sales, supplemented by other property and investment-related income i...
Wharf Real Estate Investment Co Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 12.81B | 12.91B | 13.31B | 12.41B | 16.04B |
| Gross Profit | 10.03B | 10.34B | 10.68B | 9.65B | 10.38B |
| EBITDA | 9.57B | 9.94B | 10.24B | 9.12B | 9.21B |
| Net Income | -4.26B | 891.00M | 4.77B | -8.86B | 4.39B |
Balance Sheet | |||||
| Total Assets | 229.69B | 238.07B | 245.32B | 255.25B | 272.27B |
| Cash, Cash Equivalents and Short-Term Investments | 2.03B | 1.31B | 1.12B | 1.34B | 1.80B |
| Total Debt | 34.01B | 35.54B | 37.42B | 46.49B | 49.33B |
| Total Liabilities | 43.63B | 46.09B | 49.72B | 60.37B | 61.39B |
| Stockholders Equity | 181.71B | 187.82B | 191.41B | 190.36B | 206.11B |
Cash Flow | |||||
| Free Cash Flow | 6.73B | 6.30B | 5.82B | 6.65B | 7.77B |
| Operating Cash Flow | 6.77B | 6.34B | 5.87B | 6.69B | 7.97B |
| Investing Cash Flow | -61.00M | -174.00M | 7.17B | -2.16B | 199.00M |
| Financing Cash Flow | -6.01B | -5.96B | -13.25B | -4.90B | -8.66B |
Wharf Real Estate Investment Co Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | HK$91.12B | 19.64 | 25.60% | 2.92% | 5.89% | 9.36% | |
72 Outperform | HK$6.88B | 10.30 | 3.21% | 5.28% | -9.69% | -9.25% | |
68 Neutral | HK$98.07B | -47.78 | -2.32% | 5.25% | -0.55% | -337.48% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | HK$37.36B | 21.52 | 1.21% | 6.97% | 9.89% | -22.12% | |
62 Neutral | HK$17.98B | 57.12 | 1.29% | 6.14% | -1.87% | ― | |
51 Neutral | HK$1.77B | -0.83 | -15.31% | 1.58% | -70.47% | 14.32% |
* Real Estate Sector Average
HK:1997
Wharf Real Estate Investment Co
31.92
9.77
44.08%
HK:0101
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7.10
-0.54
-7.12%
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17.20
2.70
18.59%
HK:0071
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10.09
0.67
7.10%
HK:0878
Soundwill Holdings
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HK:1209
China Resources Mixc Lifestyle Services Ltd.
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4.77%
Wharf Real Estate Investment Co Corporate Events
Wharf REIC lifts payout as profit rises and gearing hits record low
Aug 6, 2026
Wharf Real Estate Investment Company reported a 6% rise in underlying net profit to HK$3.31 billion for the first half of 2026, driven mainly by lower interest costs and disciplined debt management. Despite a valuation-related revaluation deficit ...
Wharf REIC Declares HKD 0.94 Interim Dividend for First Half of 2026
Aug 6, 2026
Wharf Real Estate Investment Company Limited has declared an interim ordinary dividend of HKD 0.94 per share for the half-year ended 30 June 2026, for the financial year ending 31 December 2026. The ex-dividend date is set for 25 August 2026, with...
Wharf REIC Sells Singapore’s Wheelock Place for S$1.11 Billion
Jul 30, 2026
Wharf Real Estate Investment Company has agreed to dispose of its entire stake in a Singapore property-owning subsidiary that holds Wheelock Place, a major commercial complex on Orchard Road. The sale involves 160 million shares in the Target Comp...
Wharf REIC Sets Board Meeting to Approve Interim Results and Consider Dividend
Jul 27, 2026
Wharf Real Estate Investment Company Limited has scheduled a board meeting for 6 August 2026 to review and approve its interim results for the six months ended 30 June 2026. The directors will also consider the payment of an interim dividend, a de...
Wharf REIC Details Board and Committee Structure to Highlight Governance
Jul 2, 2026
Wharf Real Estate Investment Company Limited operates in the property investment and development sector, managing a portfolio of commercial and mixed-use assets in Hong Kong and potentially the wider Greater China market. Its business centers on o...
Wharf REIC Adds Veteran Executive Richard Tang as Independent Director
Jun 12, 2026
Wharf Real Estate Investment Company has appointed veteran businessman Richard Yat Sun Tang as an additional independent non-executive director, effective 2 July 2026. Tang, who chairs Richcom Company and King Fook Holdings and serves as an execut...
Wharf REIC Shareholders Approve All AGM Resolutions, Back Capital Mandates
May 12, 2026
Wharf Real Estate Investment Company Limited reported that all resolutions proposed at its 12 May 2026 annual general meeting were approved by shareholders via poll voting. Investors backed the adoption of the 2025 financial statements, re-electio...
Wharf Real Estate Sets Out Board and Committee Structure
May 12, 2026
Wharf Real Estate Investment Company Limited has outlined the composition of its board of directors, led by Chairman and Managing Director Stephen T. H. Ng and Vice Chairman and Executive Director Paul Y. C. Tsui, alongside a mix of executive and ...
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.