DBS: WHARF HOLDINGS (00004) rating upgraded to "buy" with target price raised to HK$25.05.
Standard Chartered believes that if the residential projects in Sheung Shui, Kai Tak, and Kowloon Tong under the ownership of Jiuzang are popular in the market, it will push its stock price up.
DBS released a research report, stating that WHARF HOLDINGS (00004) has been rated as "buy" with a target price raised from the original 24.82 Hong Kong dollars to 25.05 Hong Kong dollars.
The bank believes that WHARF HOLDINGS' luxury residential business has been overlooked by the market, and its luxury residential projects in the Peak and Kowloon Tong should bring substantial returns after completion. In addition, the planned redevelopment projects are expected to unlock the value of the company's waterfront land in Yau Tong.
The report mentioned that following the recent sale of luxury homes at 77/79 Peak Road, Wharf plans to launch another super luxury residential project, "1 Seymour Road", this year. It is expected that this development will become the main profit driver for the company in the coming years. The bank also believes that if Wharf's residential projects in the Peak, Kai Tak, and Kowloon Tong are well received by the market, it will drive up its stock price.
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