DBS Bank: Kowloon Development (00004.HK) stock price discount on net asset value rises to ten-year average level, rating upgraded to "buy"

According to the Zhixun Finance APP, DBS released a research report stating that in the first half of the year, Wharf Real Estate Investment (00004.HK) saw a 3% year-on-year increase in basic profit to 2.035 billion yuan, due to the decrease in impairments, the performance exceeded the bank's expectations, mainly benefiting from lower-than-expected interest and taxes. The interim dividend remains unchanged at HK$0.20 per share. The bank lowered its target price for Wharf from HK$25.1 to HK$24.9 and upgraded its investment rating from "hold" to "buy."