Retail sales growth at Wharf’s malls continue to outperform the HK market, although HC suffers from a high base
China contract sales reached 33% of its 2014 contract sales target; we see a growing risk of Wharf missing this target
Still presents good value at 32% discount to NAV; reiterateOW with TP of HKD62.5, based on a 25% discount to NAV