Market Closed -
Hong Kong S.E.
04:08:16 2024-05-02 am EDT
5-day change
1st Jan Change
25.05
HKD
-0.99%
+0.80%
-0.40%
Wharf : Interim Results 2023 Results Presentation
August 09, 2023 at 07:14 am EDT
Feeble Recovery from COVID
The Wharf (Holdings) Limited
2023 Interim Results
9 Aug 2023
Results Highlights
Mainland Property Market Still a Big Challenge
Contracted Sales Dwindled with Average Selling Price in Decline
Interest in Office Stock & En Bloc Sales is Particularly Soft
Further Provision was Made for Slow-moving Stock
Recovery Momentum for Retail Rent was also Below Strength
Overview
The Wharf (Holdings) Limited | 2023 Interim Results
2
Core Strength - Premium Property
Total Assets
1H23: $215.5B
HK Prop 24%
ML Prop 39%
Hotels 1%
Logistics 7%
Inv. & Others 29%
Properties
64%
Group Revenue
1H23: $8.1B
HK Prop 1%
ML Prop 63%
Hotels 4%
Logistics 15%
Inv. & Others 17%
Properties
68%
Operating Profit
1H23: $3.1B
ML Prop 56%
Hotels 1%
Logistics 7%
Inv. & Others 36%
Properties
57%
Overview
The Wharf (Holdings) Limited | 2023 Interim Results
3
Financial Highlights
Slow ML & HK Recovery Dragged by Macro Concerns
Currency Translation Understates YoY Comparison of ML Businesses in HKD
Group Revenue -1% to $8.1B
UNP +323% to $1.8B
Incl. $1.0B Impairment Provision for Slow-moving MLDP Stock
Interim DPS $0.20
HKD Million
1H23
1H22
%Chg.
Group Revenue
8,130
8,209
-1%
Operating Profit
3,139
3,479
-10%
Underlying Net Profit*
1,811
428
+323%
Attributable IP Revaluation (Deficit) After
(356)
(421)
-15%
Taxation
Profit Attributable to Equity Shareholders
696
57
+1,121%
Earnings Per Share (HK$)
- Attributable to Equity Shareholders
0.23
0.02
+1,050%
- Underlying*
0.59
0.14
+321%
Dividend Per Share (HK$)
0.20
0.20
Flat
*Underlying Net Profit - Excl. IP Revaluation Deficit & Exceptional Items
The Wharf (Holdings) Limited | 2023 Interim Results
4
Strong Financial Position & Liquidity
Total Equity $149.7B; Net Debt $15.0B
Gearing 10.1%
Liquid Long Term Investments
$45.1B Liquid Listed Equities MV
$1.2B Div. Income Booked to P&L
$12.1B+ Realized Net Disposal Surplus & Div. Income since 2018
HKD Billion
30 Jun 23
31 Dec 22
% Chg.
Total Assets
215.5
221.7
-3%
Investment Properties
67.4
69.2
-3%
Development Properties*
66.6
69.4
-4%
Other Long Term Investments
53.1
48.9
+9%
Net Debt
15.0
5.3
+183%
Net Debt to Total Equity
10.1%
3.4%
+6.7 ppts
Total Equity
149.7
155.7
-4%
Shareholders' Equity
145.6
151.6
-4%
Net Asset Value per Share (HK$)
47.65
49.60
-4%
* Inclusive of JVs & Associates on an Attributable Basis
Overview
The Wharf (Holdings) Limited | 2023 Interim Results
5
Disclaimer
The Wharf (Holdings) Ltd. published this content on 09 August 2023 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 09 August 2023 11:13:01 UTC .
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Duration Auto. 2 months 3 months 6 months 9 months 1 year 2 years 5 years 10 years Max.
Period Day Week
More charts
The Wharf Holdings Limited is a holding company organized around 5 areas of activity:
- real estate assets development (53.4% of net sales);
- real estate management (20.8%): rental of offices and commercial buildings, apartments and hotel residences located primarily in Hong Kong;
- logistics services (12.2%);
- hotels operating (1.9%);
- other (11.7%).
Net sales break down geographically as follows: Hong Kong (17.2%), China (82%) and Singapore (0.8%).
More about the company
Last Close Price
25.3
HKD
Average target price
22.18
HKD
Spread / Average Target
-12.34%
Consensus
+951% of historical performance
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