Wheelock Properties


PUBLISHED : Sunday, 18 April, 2004, 12:00am
UPDATED : Sunday, 18 April, 2004, 12:00am

About a year ago Daiwa Institute of Research upgraded Wheelock, which owns Wheelock Properties and 48 per cent of Wharf (Holdings), from underperform to outperform.

The company had underperformed the market by 11.7 per cent over the past month, Daiwa said, but investors should consider whether it might be the next privatisation target after Kerry Properties.

The importance of keeping Wheelock listed had decreased as it had been streamlining assets in recent years and was mainly a passive holding company for Wharf. Daiwa set a target price of HK$6.20.

In November Wheelock reported that its net profit for the six months to last September recovered sharply to $766.7 million, helped by a decline in property provisions and gains from securities investments. Net earnings were up 428 per cent.

The counter closed on Friday at $10.