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Wharf (Holdings)
(0004)
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Rating:52Neutral
Price Target:
HK$19.50
â–¼(-0.31% Downside)
Action:Reiterated
Date:09/06/26
The score is held back primarily by unstable profitability (negative/volatile earnings reflected in the negative P/E) and weak technical trend signals (below key moving averages and negative MACD). Offsetting these risks, the balance sheet is conservatively levered and cash flow has remained positive, supporting a mid-range overall score.
Positive Factors
Conservative leverage
Low leverage and substantial equity provide financial resilience across the property cycle. This capital structure can reduce financing pressure, preserve borrowing capacity, and give Wharf greater flexibility to maintain assets or pursue opportunities when market conditions improve.
Negative Factors
Revenue volatility
A sharp revenue decline and inconsistent growth reduce visibility into the company’s near-term earnings base. Persistent variability may reflect sensitivity to leasing, development, or broader property conditions, making planning and sustained profit expansion more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative leverage
Low leverage and substantial equity provide financial resilience across the property cycle. This capital structure can reduce financing pressure, preserve borrowing capacity, and give Wharf greater flexibility to maintain assets or pursue opportunities when market conditions improve.
Read all positive factors
Wharf (Holdings) (0004) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$58.46B
Dividend Yield1.02%
Average Volume (3M)1.48M
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue Growth-0.74%
EPS Growth-741.18%
CountryHK
Employees5,900
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)-0.14
Shares Outstanding3,056,027,300
10 Day Avg. Volume969,506
30 Day Avg. Volume1,480,941
Financial Highlights & Ratios
PEG Ratio-13.05
Price to Book (P/B)0.45
Price to Sales (P/S)6.04
P/FCF Ratio17.09
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$22.96Price Target Upside17.40% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering5
EPS Forecast (FY)1.3
Revenue Forecast (FY)HK$12.65B
Wharf (Holdings) Business Overview & Revenue Model
Company Description
Established in Hong Kong in 1886, The Wharf (Holdings) Limited (Stock code: 0004) stands as the 17th company ever incorporated in the territory and a distinguished, long-standing enterprise. For over five decades, it has been a foundational compon...
How the Company Makes Money
Wharf (Holdings) makes money primarily through real estate-related earnings generated by its portfolio of investment properties and, where applicable, property development activities. Key revenue and profit drivers typically include: (1) Rental an...
Wharf (Holdings) Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
74
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.67B | 11.00B | 12.12B | 18.95B | 18.06B | 22.38B |
| Gross Profit | 5.38B | 5.78B | 7.77B | 9.05B | 8.84B | 11.31B |
| EBITDA | -3.77B | 1.02B | -5.29B | 3.75B | 1.30B | 10.31B |
| Net Income | -437.00M | 50.00M | -3.22B | 945.00M | -1.71B | 6.02B |
Balance Sheet | ||||||
| Total Assets | 194.56B | 198.51B | 190.04B | 204.88B | 221.75B | 253.70B |
| Cash, Cash Equivalents and Short-Term Investments | 23.40B | 19.87B | 9.72B | 11.59B | 14.65B | 23.56B |
| Total Debt | 17.15B | 17.91B | 16.85B | 19.43B | 19.96B | 36.74B |
| Total Liabilities | 42.10B | 46.09B | 47.57B | 56.67B | 66.04B | 87.32B |
| Stockholders Equity | 146.65B | 146.71B | 136.83B | 142.99B | 151.59B | 162.02B |
Cash Flow | ||||||
| Free Cash Flow | 2.13B | 3.89B | 3.60B | 1.80B | 5.83B | 2.08B |
| Operating Cash Flow | 2.02B | 4.02B | 3.83B | 2.38B | 6.18B | 2.55B |
| Investing Cash Flow | 6.20B | 6.42B | -2.59B | -3.55B | 4.31B | 11.31B |
| Financing Cash Flow | -2.47B | -652.00M | -3.72B | -1.75B | -17.55B | -7.41B |
Wharf (Holdings) Technical Analysis
Negative
19.56
Price Trends
19.23
Negative
20.99
Negative
22.10
Negative
Market Momentum
-0.19
Positive
45.89
Neutral
25.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0004, the sentiment is Negative. The current price of 19.56 is below the 20-day moving average (MA) of 19.83, above the 50-day MA of 19.23, and below the 200-day MA of 22.10, indicating a bearish trend. The MACD of -0.19 indicates Positive momentum. The RSI at 45.89 is Neutral, neither overbought nor oversold. The STOCH value of 25.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0004.
Wharf (Holdings) Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | HK$165.68B | 12.52 | 3.39% | 3.76% | 47.69% | 16.48% | |
67 Neutral | HK$217.49B | 7.95 | 8.04% | 4.36% | -10.40% | -11.38% | |
67 Neutral | HK$101.04B | 21.51 | 2.67% | 5.50% | 19.08% | 7.32% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | HK$144.14B | 11.14 | 2.82% | 3.80% | 3.89% | -16.76% | |
62 Neutral | HK$346.28B | 15.72 | 3.55% | 3.16% | 4.66% | 26.27% | |
52 Neutral | HK$58.46B | -132.57 | -0.30% | 1.02% | -0.74% | -741.18% |
* Real Estate Sector Average
HK:0004
Wharf (Holdings)
19.13
-3.35
-14.89%
HK:0688
China Overseas Land & Investment
13.17
-0.31
-2.31%
HK:1113
CK Asset Holdings
47.34
11.55
32.27%
HK:1109
China Resources Land
30.50
0.19
0.63%
HK:0083
Sino Land Co
10.54
1.28
13.86%
HK:0016
Sun Hung Kai Properties
119.50
30.28
33.94%
Wharf (Holdings) Corporate Events
Wharf (Holdings) Lifts Core Profits, Boosts Payout Despite Investment Drag
Aug 11, 2026
Wharf (Holdings) reported a 17% drop in underlying net profit to HK$1.7 billion for the first half of 2026, largely due to lower dividend income following a reduction in its investment portfolio, even as operating and underlying profits excluding ...
Wharf (Holdings) Declares HKD 0.2 Interim Dividend for First Half of 2026
Aug 11, 2026
The Wharf (Holdings) Limited has announced an interim ordinary cash dividend of HKD 0.2 per share for the half-year period ended 30 June 2026, for the financial year ending 31 December 2026. The ex-dividend date is set for 28 August 2026, with sha...
Wharf (Holdings) Declares Special Interim Dividend for First Half of 2026
Aug 11, 2026
The Wharf (Holdings) Limited has declared a special interim cash dividend of HKD 0.20 per share for the half-year period ended 30 June 2026, payable in Hong Kong dollars with no withholding tax applied. The move underscores the company’s emp...
Wharf Sets August Board Meeting to Approve Interim Results and Consider Dividend
Jul 30, 2026
The Wharf (Holdings) Limited has scheduled a board meeting for 11 August 2026 to approve the release of its interim results for the six months ended 30 June 2026. The board will also consider the payment of an interim dividend, a decision that cou...
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.