THE WHARF (HOLDINGS) (4.HK) : N: GOOD RATIONALE FOR MURRAY SITE ACQUISITION BUT EXPENSIVE
汇丰银行(中国)有限公司2013-11-07
The acquisition provides Wharf with a prime hotel site in an undersupplied city, and may benefit its Marco Polo brand Our initial assumptions suggest it was priced at a premium, although overall impact to Wharf is likely minimal Reiterate N with TP of HKD67.5; shares look fairly valued at 29% discount to NAV