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Wharf Real Estate Investment

OTCPK:WRFR.F
Snowflake Description

Proven track record average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
WRFR.F
OTCPK
HK$171B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Wharf Real Estate Investment Company Limited, an investment holding company, invests in, develops, owns, and operates real estate properties in Hong Kong, Mainland China, and Singapore. The last earnings update was 52 days ago. More info.


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WRFR.F Share Price and Events
7 Day Returns
0%
OTCPK:WRFR.F
-0.8%
US Real Estate
0.2%
US Market
1 Year Returns
-
OTCPK:WRFR.F
-16.5%
US Real Estate
2.9%
US Market
WRFR.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Wharf Real Estate Investment (WRFR.F) 0% - - - - -
US Real Estate -0.8% -6.9% -9.9% -16.5% 14.5% 1%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • No trading data on WRFR.F.
  • No trading data on WRFR.F.
Price Volatility
Industry
5yr Volatility vs Market

WRFR.F Value

 Is Wharf Real Estate Investment undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Wharf Real Estate Investment to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Wharf Real Estate Investment.

OTCPK:WRFR.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 13 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:WRFR.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6.7%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.11
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.108 (1 + (1- 25%) (24.71%))
1.21
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.21
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.21 * 6.65%)
10.77%

Discounted Cash Flow Calculation for OTCPK:WRFR.F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Wharf Real Estate Investment is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OTCPK:WRFR.F DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 10.77%)
2019 11,064.90 Analyst x3 9,988.64
2020 10,812.98 Analyst x4 8,811.77
2021 12,622.51 Analyst x2 9,285.87
2022 13,458.12 Est @ 6.62% 8,937.58
2023 14,191.99 Est @ 5.45% 8,508.21
2024 14,849.95 Est @ 4.64% 8,036.71
2025 15,453.49 Est @ 4.06% 7,549.86
2026 16,019.70 Est @ 3.66% 7,065.22
2027 16,561.78 Est @ 3.38% 6,593.82
2028 17,089.71 Est @ 3.19% 6,142.20
Present value of next 10 years cash flows HK$80,919.88
OTCPK:WRFR.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$17,089.71 × (1 + 2.73%) ÷ (10.77% – 2.73%)
HK$218,230.48
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$218,230.48 ÷ (1 + 10.77%)10
HK$78,434.06
OTCPK:WRFR.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$80,919.88 + HK$78,434.06
HK$159,353.94
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$159,353.94 / 3,036.23
HK$52.48
OTCPK:WRFR.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:WRFR.F represents 0.13162x of SEHK:1997
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.13162x
Value per Share
(Listing Adjusted, USD)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 52.48 x 0.13162
$6.91
Value per share (USD) From above. $6.91
Current discount Discount to share price of $7.41
= -1 x ($7.41 - $6.91) / $6.91
-7.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Wharf Real Estate Investment is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Wharf Real Estate Investment's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Wharf Real Estate Investment's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:WRFR.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$5.94
SEHK:1997 Share Price ** SEHK (2019-05-08) in HKD HK$56.3
United States of America Real Estate Industry PE Ratio Median Figure of 26 Publicly-Listed Real Estate Companies 15.11x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Wharf Real Estate Investment.

OTCPK:WRFR.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:1997 Share Price ÷ EPS (both in HKD)

= 56.3 ÷ 5.94

9.48x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Wharf Real Estate Investment is good value based on earnings compared to the US Real Estate industry average.
  • Wharf Real Estate Investment is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Wharf Real Estate Investment's expected growth come at a high price?
Raw Data
OTCPK:WRFR.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.48x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts
-15.9%per year
United States of America Real Estate Industry PEG Ratio Median Figure of 12 Publicly-Listed Real Estate Companies 0.45x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

OTCPK:WRFR.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.48x ÷ -15.9%

-0.6x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Wharf Real Estate Investment earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Wharf Real Estate Investment's assets?
Raw Data
OTCPK:WRFR.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$72.06
SEHK:1997 Share Price * SEHK (2019-05-08) in HKD HK$56.3
United States of America Real Estate Industry PB Ratio Median Figure of 51 Publicly-Listed Real Estate Companies 1.51x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
OTCPK:WRFR.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:1997 Share Price ÷ Book Value per Share (both in HKD)

= 56.3 ÷ 72.06

0.78x

* Primary Listing of Wharf Real Estate Investment.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Wharf Real Estate Investment is good value based on assets compared to the US Real Estate industry average.
X
Value checks
We assess Wharf Real Estate Investment's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. Wharf Real Estate Investment has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

WRFR.F Future Performance

 How is Wharf Real Estate Investment expected to perform in the next 1 to 3 years based on estimates from 13 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-15.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Wharf Real Estate Investment expected to grow at an attractive rate?
  • Wharf Real Estate Investment's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Wharf Real Estate Investment's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Wharf Real Estate Investment's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:WRFR.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:WRFR.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 13 Analysts -15.9%
OTCPK:WRFR.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 13 Analysts 5.5%
United States of America Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 4.3%
United States of America Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:WRFR.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:WRFR.F Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 19,392 12,457 11,483 9
2020-12-31 18,348 11,703 10,942 12
2019-12-31 17,270 12,602 10,445 12
OTCPK:WRFR.F Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-12-31 16,481 9,498 18,027
2018-09-30 17,997 9,258 20,262
2018-06-30 19,512 9,018 22,497
2018-03-31 20,208 9,333 19,858
2017-12-31 20,904 9,648 17,218
2017-09-30 19,249 10,057 13,798
2017-06-30 17,593 10,465 10,377
2017-03-31 17,222 10,918 10,147
2016-12-31 16,851 11,370 9,917

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Wharf Real Estate Investment's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Wharf Real Estate Investment's revenue is expected to grow by 5.5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:WRFR.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below

All data from Wharf Real Estate Investment Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:WRFR.F Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 3.82 4.13 3.48 9.00
2020-12-31 3.63 3.89 3.35 12.00
2019-12-31 3.45 3.58 3.27 12.00
OTCPK:WRFR.F Past Financials Data
Date (Data in HKD Millions) EPS *
2018-12-31 5.94
2018-09-30 6.67
2018-06-30 7.41
2018-03-31 6.54
2017-12-31 5.67
2017-09-30 4.54
2017-06-30 3.42
2017-03-31
2016-12-31 3.27

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Wharf Real Estate Investment is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Wharf Real Estate Investment's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Wharf Real Estate Investment has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

WRFR.F Past Performance

  How has Wharf Real Estate Investment performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Wharf Real Estate Investment's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Wharf Real Estate Investment's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Wharf Real Estate Investment's 1-year earnings growth exceeds its 5-year average (4.7% vs -9.1%)
  • Wharf Real Estate Investment's earnings growth has exceeded the US Real Estate industry average in the past year (4.7% vs -15.8%).
Earnings and Revenue History
Wharf Real Estate Investment's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Wharf Real Estate Investment Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:WRFR.F Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 16,481.00 18,027.00 587.00
2018-09-30 17,996.50 20,262.00 651.00
2018-06-30 19,512.00 22,497.00 715.00
2018-03-31 20,208.00 19,857.50 773.50
2017-12-31 20,904.00 17,218.00 832.00
2017-09-30 19,248.50 13,797.50 782.00
2017-06-30 17,593.00 10,377.00 732.00
2017-03-31 17,222.00 10,147.00 672.00
2016-12-31 16,851.00 9,917.00 612.00
2015-12-31 17,576.00 13,787.00 671.00
2014-12-31 17,437.00 35,127.00 812.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Wharf Real Estate Investment has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Wharf Real Estate Investment used its assets more efficiently than the US Real Estate industry average last year based on Return on Assets.
  • Wharf Real Estate Investment has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Wharf Real Estate Investment's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Wharf Real Estate Investment has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

WRFR.F Health

 How is Wharf Real Estate Investment's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Wharf Real Estate Investment's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Wharf Real Estate Investment's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Wharf Real Estate Investment's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Wharf Real Estate Investment's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Wharf Real Estate Investment Company Filings, last reported 4 months ago.

OTCPK:WRFR.F Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 224,332.00 42,243.00 2,675.00
2018-09-30 224,332.00 42,243.00 2,675.00
2018-06-30 220,169.00 42,904.00 1,718.00
2018-03-31 220,169.00 42,904.00 1,718.00
2017-12-31 212,968.00 45,552.00 3,076.00
2017-09-30 212,968.00 45,552.00 3,076.00
2017-06-30 209,373.00 27,887.00
2017-03-31 209,373.00 27,887.00
2016-12-31 204,137.00 35,362.00 5,212.00
2015-12-31 210,905.00 37,526.00
2014-12-31 205,867.00 40,119.00
  • Wharf Real Estate Investment's level of debt (18.8%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if Wharf Real Estate Investment's debt level has increased without past 5-year debt data.
  • Debt is well covered by operating cash flow (22.5%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 17.7x coverage).
X
Financial health checks
We assess Wharf Real Estate Investment's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Wharf Real Estate Investment has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

WRFR.F Dividends

 What is Wharf Real Estate Investment's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.73%
Current annual income from Wharf Real Estate Investment dividends. Estimated to be 4.14% next year.
If you bought $2,000 of Wharf Real Estate Investment shares you are expected to receive $75 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Wharf Real Estate Investment's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Wharf Real Estate Investment's dividend is above the markets top 25% of dividend payers in United States of America (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:WRFR.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 13 Analyst Estimates (S&P Global) See Below
United States of America Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 2.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:WRFR.F Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 2.46 10.00
2020-12-31 2.34 14.00
2019-12-31 2.23 14.00
OTCPK:WRFR.F Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-04-01 2.100 3.579
2019-03-05 2.100 3.630
2018-09-07 2.100 4.173
2018-08-07 2.100 3.990
2018-03-05 0.950 1.678

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • It is too early to tell whether Wharf Real Estate Investment has stable dividend payments.
  • Wharf Real Estate Investment only just started paying a dividend, it is too early to tell if payments are increasing.
Current Payout to shareholders
What portion of Wharf Real Estate Investment's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.6x coverage).
X
Income/ dividend checks
We assess Wharf Real Estate Investment's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Wharf Real Estate Investment afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Wharf Real Estate Investment has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

WRFR.F Management

 What is the CEO of Wharf Real Estate Investment's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Stephen Ng
COMPENSATION HK$22,120,000
AGE 66
TENURE AS CEO 1.6 years
CEO Bio

Mr. Tin Hoi Ng, also known as Stephen, serves as the Chief Executive Officer of Harbour Centre Development Limited. Mr. Ng has been the Managing Director of The Wharf (Holdings) Limited since 1989. He had been the Chairman of i-CABLE Communications Limited since August 2001 until September 15, 2017 and Chief Executive Officer since 1999 until September 15, 2017. He serves as the Chairman, Chief Executive Officer and President at Wharf T&T Ltd. He joined The Wharf (Holdings) Limited in 1981. He served as President of i-CABLE Communications Limited since 1999 until September 2017. Mr. Ng has been Chairman and Managing Director of Wharf Real Estate Investment Company Ltd since August 8, 2017 and October 24, 2017 Respectively. Mr. Ng performs a leadership role in monitoring and evaluating the Group’s business, and is primarily responsible for the overall strategic planning and major decision making for the Group. He formerly served as chairman and chief executive officer of publicly listed i-CABLE Communications Limited until his resignation in September 2017 and a non-executive director of publicly listed Greentown China Holdings Limited until his resignation in March 2015. He is chairman of Project WeCan Committee, and served as chairman of Hong Kong General Chamber of Commerce until May 18, 2018, and serves as a council member of both Employers’ Federation and serves as its Vice Chairman since May 25, 2018 and of Hong Kong and Hong Kong Trade Development Council until May 18, 2018. He has been the Chairman of Harbour Centre Development Limited since April 2, 2009. He has been the Chairman of Wheelock Properties (Singapore) Limited since April 01, 2013 and its Director since December 24, 2012. Mr. Ng has been Non-Executive Chairman of Joyce Boutique Holdings Ltd., since November 2007. He serves as Chairman of Wharf Communications Limited, Wharf Hong Kong Limited, Wharf Limited, Wharf Logistics Limited, and The "Star" Ferry Company, Limited. He serves as Vice Chairman of Wharf Estates Limited. He serves as Chairman of Modern Terminals Limited. He has been the Chairman of The Wharf (Holdings) Limited since May 15, 2015 and served as its Deputy Chairman since 1994. He has been Deputy Chairman of Wheelock and Company Ltd. since 1995 and as its Executive Director since August 23, 1988. He serves as Director of Ansett Limited, Dannette Holdings Limited, Harbour City Estates Limited, HCDL China Development Limited, Wharf Hotels Management Limited, Myers Investments Limited, Star Attraction Limited, Times Square Limited, Wharf China Development (0004) Limited, Wharf China Estates (0004) Limited, Wharf China Holdings (0004) Limited, Wheelock Investments Limited Director and Wheelock China Limited. He served as Vice Chairman of Wheelock Properties since December 24, 2012. He served as a Deputy Chairman of i-CABLE Communications Limited. He served as Non-Executive Non-Independent Director of Hotel Properties Limited since July 25, 2014 until December 28, 2018. He has been a Director of Joyce Boutique Holdings Ltd. since August 2000 and The Wharf (Holdings) Limited since 1998. He had been Executive Director of i-CABLE Communications Ltd. since 1999 until September 15, 2017. He serves as a Director of Wharf Communications Ltd. and WF Investment Partners Ltd. He is a Member of the Hong Kong - United States Business Council. Mr. Ng served as chairman of HCDL and Wheelock Properties (Singapore) Limited (“WPSL”) (all being publicly listed fellow subsidiaries of the Company in Hong Kong or Singapore. Mr. Ng served as a Non-Executive Director at Greentown China Holdings Limited from August 2, 2012 to March 27, 2015. He is a Member of the General Committee of the Hong Kong General Chamber of Commerce. Mr. Ng attended Ripon College in Ripon, Wisconsin, U.S.A. and the University of Bonn, Germany from 1971 to 1975 and graduated with a major in Mathematics.

CEO Compensation
  • Stephen's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Stephen's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Wharf Real Estate Investment management team in years:

1.6
Average Tenure
64
Average Age
  • The average tenure for the Wharf Real Estate Investment management team is less than 2 years, this suggests a new team.
Management Team

Stephen Ng

TITLE
Chairman & MD
COMPENSATION
HK$22M
AGE
66
TENURE
1.6 yrs

Doreen Lee

TITLE
Vice Chairman of the Board
COMPENSATION
HK$30M
AGE
62

Paul Tsui

TITLE
Additional Vice Chairman
COMPENSATION
HK$2M
AGE
71
TENURE
0.9 yrs

Yen Thean Leng

TITLE
Executive Director
COMPENSATION
HK$19M
AGE
47

Kai Leung

TITLE
Executive Director
COMPENSATION
HK$2M
AGE
73

Kevin Hui

TITLE
Company Secretary
AGE
61
TENURE
1.8 yrs

Angela Ng

TITLE
Investor Relations Manager of Wharf Limited
Board of Directors Tenure

Average tenure and age of the Wharf Real Estate Investment board of directors in years:

1.6
Average Tenure
68.5
Average Age
  • The average tenure for the Wharf Real Estate Investment board of directors is less than 3 years, this suggests a new board.
Board of Directors

Stephen Ng

TITLE
Chairman & MD
COMPENSATION
HK$22M
AGE
66
TENURE
1.8 yrs

Doreen Lee

TITLE
Vice Chairman of the Board
COMPENSATION
HK$30M
AGE
62
TENURE
1.6 yrs

Paul Tsui

TITLE
Additional Vice Chairman
COMPENSATION
HK$2M
AGE
71
TENURE
0.9 yrs

Yen Thean Leng

TITLE
Executive Director
COMPENSATION
HK$19M
AGE
47
TENURE
1.8 yrs

Kai Leung

TITLE
Executive Director
COMPENSATION
HK$2M
AGE
73
TENURE
1.8 yrs

Alexander Au

TITLE
Independent Non-Executive Director
COMPENSATION
HK$350K
AGE
71
TENURE
1.6 yrs

Andrew Seaton

TITLE
Independent Non-Executive Director
COMPENSATION
HK$250K
AGE
64
TENURE
1.6 yrs

Richard Williams

TITLE
Independent Non-Executive Director
COMPENSATION
HK$300K
AGE
70
TENURE
1.6 yrs

Eng Yeoh

TITLE
Independent Non-Executive Director
COMPENSATION
HK$300K
AGE
72
TENURE
1.6 yrs

Andrew Leung

TITLE
Independent Non-Executive Director
COMPENSATION
HK$117K
AGE
67
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
03. May 19 Buy Wheelock and Company Limited Company 29. Apr 19 29. Apr 19 166,000 $7.79 $1,293,689
04. Sep 18 Buy Wheelock and Company Limited Company 30. Aug 18 30. Aug 18 370,000 $6.67 $2,468,961
X
Management checks
We assess Wharf Real Estate Investment's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Wharf Real Estate Investment has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

WRFR.F News

Simply Wall St News

WRFR.F Company Info

Description

Wharf Real Estate Investment Company Limited, an investment holding company, invests in, develops, owns, and operates real estate properties in Hong Kong, Mainland China, and Singapore. The company operates through Investment Properties, Development Properties, and Hotels segments. It primarily operates Harbour City, a commercial space comprising offices, retail shops, serviced apartments, hotels and club, and car parking spaces; and Times Square, a retail space that consists of office and car parking spaces. The company also operates Wheelock House and Crawford House commercial properties; The Murray, a luxury hotel that consists of 336 rooms; Plaza Hollywood, a shopping mall with retail outlets, restaurants, and a stadium housing six-screen cinema multiplex; and The Star Ferry, which provides a ferry service between Tsim Sha Tsui and Wan Chai. In addition, it offers leasing, finance, funds management, and management services; and accepts bank deposits. Wharf Real Estate Investment Company Limited was founded in 1886 and is headquartered in Kowloon, Hong Kong.

Details
Name: Wharf Real Estate Investment Company Limited
WRFR.F
Exchange: OTCPK
Founded: 1886
HK$21,776,188,879
3,036,227,327
Website: http://www.wharfreic.com
Address: Wharf Real Estate Investment Company Limited
Ocean Centre,
16th Floor,
Kowloon,
Kowloon, Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 1997 Ordinary Shares The Stock Exchange of Hong Kong Ltd. HK HKD 23. Nov 2017
OTCPK WRFR.F Ordinary Shares Pink Sheets LLC US USD 23. Nov 2017
DB 4WF Ordinary Shares Deutsche Boerse AG DE EUR 23. Nov 2017
SHSC 1997 Ordinary Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 23. Nov 2017
SZSC 1997 Ordinary Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 23. Nov 2017
Number of employees
Current staff
Staff numbers
2,900
Wharf Real Estate Investment employees.
Industry
Real Estate Operating Companies
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 06:48
End of day share price update: 2019/05/08 00:00
Last estimates confirmation: 2019/05/21
Last earnings filing: 2019/04/01
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.