JPMorgan: Upgrades Wharf Real Estate Investment Company (01997.HK) to "Overweight" with a significantly raised target price of HKD 35.7. Management's optimistic outlook brings surprises.

According to the Zhitong Finance APP, JPMorgan has released a research report stating that the management of Wheelock Properties (01997.HK), which has often been viewed by the market as "cautious for many years," has shifted its outlook on the operating environment to "optimistic," surprising the market. This marks the first time in many years that the company has shown a higher level of confidence, believing that the most difficult period has passed. Meanwhile, the company has unexpectedly revised its dividend policy, raising the payout ratio from 65% to 90%. The bank has upgraded its rating on Wheelock from "Neutral" to "Overweight," and significantly raised the target price from HKD 23 to HKD 35.7.