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Nomura lifts Wharf Holdings (00004) to HK$80.2
Nomura lifted its target price for Wharf Holdings (00004) to HK$80.2 from HK$78.6,
and maintained its "neutral" rating.
The research house sees the need for heavy capex to lay the foundations for the next 
round of growth. Nomura's sensitivity analysis shows that if Wharf wants to retain a 15%
CAGR (what is expected over FY2012-19) in rental income, it must commit to a new capex 
plan of HK$30-40bn during 2017-19, so as to see the next series of investment properties 
(IP) starting to be completed and making rental contributions from 2026.
  Nomura assigned a blended 56% target discount on overall NAV of HK$53.2 (relative to the
peer average of 47%), to derive a valuation of HK$23.4 for Wharf ex-REIC (for a combined 
target valuation of HK$80.2, implying 12% upside)

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