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Wharf Real Estate Investment Co Ltd (1997) Fair Value & Analysis

Real Estate · HK · Market cap HK$65.8B (≈ $8.4B) · ISIN KYG9593A1040

What is Wharf Real Estate Investment Co Ltd really worth?

WR Wharf Real Estate Investment Co Ltd 1997 · HK
PriceHK$31.52
Fair ValueHK$39.84
Upside+26.4%
Quality61/100

A solid business, trading 21% below our fair value of HK$39.84.

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Strengths

✓Low debt · generates free cash flow
✓Ranks above peers (11/14)

Risks

!Weak Growth (revenue 5y −3.8 %/yr)
!Loss-making · -33.2% net margin
!Narrow moat 37/100
!Evidence only medium, so the estimate is less certain

For context

·5.08% dividend yield
Evidence: Medium Range HK$29.71 – HK$56.54

Fair value as of: Aug 21, 2026

From 13 valuation models · updated 15 days ago

Share price +19.5% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

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)

HK$39.40 HK$15.90 Fair Value HK$39.84 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 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$31.52 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 21, 2026.

Full chart & analysis →

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Analysis

Wharf Real Estate Investment Co Ltd (1997) currently trades at HK$31.52, while our model-based Fair Value estimate is HK$39.84, implying the stock looks roughly 20.9% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of HK$46.61 per share, and 4 of the 13 models we run sit above the HK$31.52 price. Bear case: the Dividend Discount group reads lowest at HK$12.66, and 9 of the 13 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Wharf Real Estate Investment Co Ltd 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 21, 2026

Our scenario range runs from HK$29.71 (bear case) to HK$56.54 (bull case); at HK$31.52, 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 56% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at 26%, 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, family-balanced 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. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF HK$14.48 HK$22.94 HK$38.59 78
Growth DCF HK$15.48 HK$23.69 HK$37.72 77
5Y EBITDA Exit HK$22.42 HK$38.47 HK$59.74 74
All 13 models by family
DCF Models
FCF DCF HK$14.48 HK$22.94 HK$38.59 78
5Y Revenue Exit HK$12.90 HK$22.00 HK$35.22 71
5Y EBITDA Exit HK$22.42 HK$38.47 HK$59.74 74
10Y Revenue Exit HK$12.81 HK$19.65 HK$26.98 67
10Y EBITDA Exit HK$19.13 HK$29.84 HK$41.37 68
Dividend Discount
Gordon GGM HK$11.57 HK$12.66 HK$14.33 69
DDM Multi-Stage HK$11.57 HK$14.52 HK$18.65 67
Multiples
EV/EBIT HK$43.76 HK$60.69 HK$77.63 66
EV/EBITDA HK$33.20 HK$46.61 HK$60.03 67
EV/Revenue HK$13.63 HK$22.50 HK$31.36 52
Asset-Based
NCAV (Graham) HK$29.92 HK$40.10 HK$59.85 54
Growth DCF
Growth DCF HK$15.48 HK$23.69 HK$37.72 77
Rev-Margin DCF HK$12.90 HK$22.50 HK$33.69 71

Widest divergence: Multiples (HK$46.61) versus Dividend Discount (HK$12.66). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/S ratio 5.14 TTM
EPS (TTM) HK$−0.7900
Dividend yield 5.1%
Net margin −33.2% FY2025
Return on equity −2.3% TTM
Return on assets (EBIT) 3.8% avg 5y
More key figures
Profitability
Operating margin 72.8% TTM
Growth
Revenue (TTM) HK$12.8B TTM
EPS growth (YoY) −34.4%
Balance sheet & cash flow
Free cash flow HK$6.7B FY2025
Net debt HK$32.0B FY2025 · ≈ 4.8 yrs of FCF

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 60 · Market factors (momentum, volatility) 79

Profitability 6
Margins and returns on capital today
Quality Growth 30
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 78
Price trend over the last 3–12 months (market factor)
52W Momentum 91
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

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 Co Ltd 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.

Growth Quality 23/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
HK$12.8B
Latest YoY
−0.8%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.1%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−3.8%
Avg. revenue growth/yr (11Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.8%
Value creation/yr ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue −5.5%/yr
FY21 HK$16.0B
FY22 HK$12.4B
FY23 HK$13.3B
FY24 HK$12.9B
FY25 HK$12.8B
Net income
FY21 HK$4.4B
FY22 −HK$8.9B
FY23 HK$4.8B
FY24 HK$891M
FY25 −HK$4.3B
Character of growth · EPS growth decomposed (2014-2025) −20.4 % p.a.
Revenue per share −3.2 %

of which total revenue −3.2 % · buybacks/dilution +0.0 %

EBIT margin +1.6 %
Tax rate −2.9 %
Residual (interest, one-offs) −16.6 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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HK$39.84 +21%Fair Value
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Cite: Fair Value Calculator (2026). "Wharf Real Estate Investment Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/1997

Peer Group

Real Estate Services · 523 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.

Quality Score 61 · Above median
Fair Value upside +26% · Above median
Return on assets 3% · Above median
Net margin (TTM) −33% · Bottom 25%
Operating margin (TTM) 73% · Top 25%
Revenue growth 0% · Below median
Dividend yield (TTM) 5.1% · Above median
Debt / equity 0.13× · Lower than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/B 0.05× · Cheaper than 75% of peers
P/S (TTM) 0.66× · Cheaper than median
P/FCF 1.2× · Cheaper than median
EV/EBITDA 3.1× · Cheaper than 75% of peers
PEG 0.20× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE69 · sector 30
FUTURE0 · sector 11
PAST0 · sector 17
HEALTH94 · sector 84
DIVIDEND100 · sector 63

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
CBRE Group CBRE $148.74 $69.47 −53%
Vonovia SE VNA €19.85 €36.67 +85%
Cellnex Telecom, S.A CLNX €27.47 €25.46 −7%
KE Holdings BEKE $17.42 $6.57 −62%
Jones Lang LaSalle Incorporated JLL $378.01 $290.25 −23%
Swire Properties Limited 1972 HK$24.84 HK$5.12 −79%
CoStar Group CSGP $32.22 $4.64 −86%
China Resources Mixc Lifestyle Services Limited 1209 HK$39.84 HK$34.95 −12%
CapitaLand Investment Limited 9CI 2.66 SGD 0.4900 SGD −82%
Plaza S.A MALLPLAZA 4,040 CLP 4,571 CLP +13%

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Frequently asked questions

Is Wharf Real Estate Investment Co Ltd (1997) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of HK$39.84 versus a price of HK$31.52, about +26% upside (undervalued).
What is the fair value of 1997?
Our model-based fair value for Wharf Real Estate Investment Co Ltd is HK$39.84 (as of Aug 21, 2026), built from audited fundamentals. The current price: HK$31.52.
What is the quality score of 1997?
Wharf Real Estate Investment Co Ltd has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Wharf Real Estate Investment Co Ltd (1997)?
Wharf Real Estate Investment Co Ltd reported trailing-twelve-month revenue of about HK$12.8B (latest available figure, as of Aug 21, 2026).
What is the net profit margin of 1997?
The net profit margin of Wharf Real Estate Investment Co Ltd is about −33.2%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Wharf Real Estate Investment Co Ltd pay a dividend?
Wharf Real Estate Investment Co Ltd currently shows a dividend yield of about 5.08% relative to its recent price (as of Aug 21, 2026).
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