Share price performance (%)

1wk: 6.66

3mths:21.73

1mth:10.04

1yr:52.38

The earnings forecasts for 2004, 2005 and 2006 have been revised upwards by 20 per cent, 53 per cent and 79 per cent respectively to reflect a 'substantially higher than expected' selling price at the company's HarbourSide and other residential projects. S&P increased estimates for retail rents 'to take into account the sharp recovery in consumer confidence'. It has raised its recommendation to 'accumulate' from 'hold'.

S&P's Asian Equities Research

SELL Wharf (Holdings)

Closing price: $23.85

Target price: $21

Share price performance (%)

1wk: 4.6

3mths:33.78

1mth:6.65

1yr:52.48

The earnings forecasts and price target were raised on an expected improvement in retail rents this year. Analysts Anil Daswani and Alex Poon projected average retail rents would grow 5 per cent this year but income from office rents would fall 5 per cent. They lifted their price target from $17 to $21, to reflect a higher net asset value and a slimmer discount of 20 per cent. However, Wharf, now trading at a 5 per cent discount, looked fairly valued, they said.

Citigroup Smith Barney

BUY Varitronix International

Closing price: $8.25

Target price: $10.20

Share price performance (%)

1wk: 2.48

3mths:0.6

1mth:4.43

1yr:75.53

Predicting revenue growth of 25 per cent this year, analysts Min Lu and Tien Yu Sieh say the LCD screen maker's broader product mix and new customers make them confident that growth is sustainable. Higher raw material costs should be offset by declining staff and depreciation costs. The recommendation has been raised to 'buy' and the target price is set at 16 times this year's earnings.

Merrill Lynch