Citibank: Raises the target price of Wheelock Properties (01997.HK) to HK$36 and begins a 90-day positive catalyst observation.

According to the Zhizhong Finance APP, Citigroup has released a research report stating that the management of Wharf Real Estate Investment Company (01997.HK) has announced an increase in the dividend payout ratio from 65% to 90%, with the interim dividend surging 42% to HKD 0.94 per share, bringing significant surprise to the market. The bank maintains a "Buy" rating for Wharf, raising the target price from HKD 31.6 to HKD 36, and has initiated a 90-day positive catalyst observation for the company, reflecting enhanced confidence about the inflection point of retail lease renewals and the potential sale of Scotts Square in Singapore in the second half of the year. The bank also believes that the management is inclined to rebuild the Marco Polo Hongkong Hotel, which could enhance value and bring additional floor area in the long term.