DBS: Upgrades WHARF REIC rating to "Buy" with target price raised to HKD 29

DBS released a research report stating that WHARF REIC is heavily reliant on the recovery of the retail market. The outlook for rental income and return growth is improving, which is expected to help drive the growth of WHARF REIC's rental yields. Additionally, since most of the company's debt is at a floating rate, a potential decline in HIBOR may reduce its interest costs. The bank pointed out that a sustainable recovery in the retail market could lead to a higher stock valuation for WHARF REIC, and a more accommodative interest rate environment is also expected to promote the company's earnings growth and stock price increase. The bank upgraded the company's rating from "Hold" to "Buy," and raised the target price from HKD 27.7 to HKD 29