Wharf Real Estate Investment Company (1997) Fair Value & Analysis
Real Estate · HK · Market cap HK$65.8B
Fair value as of: Aug 13, 2026
From 13 valuation models · updated yesterday
Fair value updated Aug 13, 2026, revised from HK$40.10 to HK$39.84 (−0.6%) since Aug 5, 2026. Share price +32.9% over the past month.
A solid business, screening 25% undervalued on our models.
What matters now
- Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (HK$29.71 to HK$56.54) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range HK$15.90 – HK$39.40 · fair‑value band HK$29.71 – HK$56.54 · the HK$31.92 price screens below the HK$39.84 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Wharf Real Estate Investment Company (1997) currently trades at HK$31.92, while our model-based Fair Value estimate is HK$39.84, implying the stock looks roughly 24.8% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, Wharf Real Estate Investment Company generated revenue of HK$12.8B at a net margin of -33.2%. It earns a return on equity of -2.3%. Net debt stands at HK$32.0B. Fundamentals as of Aug 13, 2026
Our scenario range runs from HK$29.71 (bear case) to HK$56.54 (bull case); at HK$31.92, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 58% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at 15% fair-value upside, at 25%, 1997 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 13 models by family
Widest divergence: Multiples (HK$46.61) versus Dividend Discount (HK$12.66). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 70
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Wharf Real Estate Investment Company Limited, an investment holding company, develops, owns, and operates properties and hotels in Hong Kong, Mainland China, and Singapore. It operates through Investment Properties, Development Properties, Hotel, and Investment segments.
Full company description
Wharf Real Estate Investment Company Limited, an investment holding company, develops, owns, and operates properties and hotels in Hong Kong, Mainland China, and Singapore. It operates through Investment Properties, Development Properties, Hotel, and Investment segments. The company's properties include Harbour City, a commercial space comprising offices, retail shops, serviced apartments, hotels and clubs, and car parking spaces; and Times Square, a retail space that consists of office and car parking spaces. It also owns and operates the Wheelock House and Crawford House commercial properties; The Murray hotel; Plaza Hollywood, a shopping mall with shops, restaurants, and a cinema multiplex; The Star Ferry, which operates two inner harbor ferry services; and Wheelock Place and Scotts Square malls. In addition, the company engages in the leasing and management of retail and office properties, and serviced apartments; property and equity investments; and provision of leasing, finance, treasury, public transport, and management services. The company was founded in 1886 and is headquartered in Kowloon, Hong Kong.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Wharf Real Estate Investment Company reported revenue of HK$12.8B in FY2025 versus HK$16.0B in FY2021, a compound −5.5%/yr. Reported net income was −HK$4.3B in FY2025.
of which total revenue −3.2 pp · buybacks/dilution +0.0 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
Watch 1997: get an alert when its fair value changes →
Peer Group
Real Estate Services · 529 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Real Estate Services median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Plaza S.A MALLPLAZA | 3,989 CLP | 4,571 CLP | +15% |
| PT Solusi Tunas Pratama Tbk SUPR | 43,850 IDR | 15,049 IDR | -66% |
| Cencosud Shopping S.A CENCOMALLS | 2,412 CLP | 2,976 CLP | +23% |
| PT Sarana Menara Nusantara Tbk. owns and TOWR | 392.00 IDR | 1,012 IDR | +158% |
| PT Metropolitan Kentjana Tbk MKPI | 22,000 IDR | 19,160 IDR | -13% |
| PT Bangun Kosambi Sukses Tbk, CBDK | 3,610 IDR | 3,464 IDR | -4% |
| IRSA Inversiones y Representaciones Sociedad Anónima, IRSA | 2,495 ARS | 2,990 ARS | +20% |
| PT Plaza Indonesia Realty Tbk PLIN | 2,510 IDR | 2,698 IDR | +7% |
| PT MNC Tourism Indonesia Tbk, KPIG | 74.00 IDR | 122.12 IDR | +65% |
| PT Indonesian Paradise Property Tbk INPP | 770.00 IDR | 291.52 IDR | -62% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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