Citigroup: Raises WHARF HOLDINGS (00004) target price to HKD 21.15, maintains "sell" rating.

Citibank's research report stated that WHARF HOLDINGS (00004) has stable dividend payments and maintains a strong net cash position, with sales of ultra-luxury homes expected to accelerate. The company plans to maximize the value through monetizing existing land reserves (such as ultra-luxury units) and intends to further invest in high-quality real estate projects in Hong Kong (luxury homes or mass market). Any improvements in capital efficiency by the company may enhance the long-term return on equity (ROE). However, due to the current business being relatively stagnant and tight valuations, the rating remains at "sell", with the target price raised from HK$18.3 to HK$21.15.