The Wharf Group (00004) fell by more than 4%. At press time, it was down 4.64% to HK$26.7, with a turnover of HK$10.563 million.
The Zhitong Finance App learned that the Wharf Group (00004) fell by more than 4%. As of press release, it had a decrease of 4.64% to HK$26.7, with a turnover of HK$10.563 million.
According to the news, Goldman Sachs pointed out that it maintains the “sell and sell” rating of the Wharf Group and expects its stock price to outperform its peers, with a target price of HK$26. The bank pointed out that the company's results turned into a profit last year, in line with expectations, but its core net profit fell 7% year over year to about 5.6 billion yuan, mainly due to a decrease in development property (DP) accounts in Hong Kong and mainland China, as well as weak container terminal business.
The bank also mentioned that Jiucang management is cautious about the company's business prospects. Affected by weak demand for housing in mainland China, the company only recorded contract sales of RMB 2.6 billion. Most of the remaining saleable resources were office units with weak demand. Since the land inventory has not been replenished since 2019, Jiucang has a property sales stock for about 3 years at the current sales rate.