Wharf (Holdings) Ltd.

Wharf (Holdings) Ltd.

2.47
USD
+0.07
(+2.71%)
8.86BMarket Cap
Mar 18Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
10.52
12.59
13.49
15.38
14.26
6.91
5.54
6.88
7.33
5.91
6.2
3.96
3.6
- -
Basic EPS, GAAP
9.7
11.86
5.29
7.07
7.21
2.18
1.11
1.27
1.97
-0.56
0.31
-1.05
0.02
- -
Free Cash Flow per Basic Share
3.31
5.43
7.47
8.87
1.17
-2.78
2.99
3.24
0.68
1.91
0.59
1.18
1.27
- -
Dividend per Share
1.7
1.75
1.81
1.93
2.21
1.2
0.65
0.28
0.4
0.4
0.4
0.4
0.4
- -
Book Value per Share
90.94
100.82
101.53
104.48
46.75
44.45
46.86
52.07
53.02
49.6
46.79
44.77
48.01
48.01
Tangible Book Value per Share
90.8
100.72
101.43
104.39
46.65
44.35
46.76
51.97
52.92
49.5
46.69
44.68
47.91
47.91
Basic Weighted Avg Shares
3,030
3,030
3,031
3,031
3,034
3,045
3,048
3,050
3,055
3,056
3,056
3,056
3,056
391
Sales/Revenue/Turnover
31,887
38,136
40,875
46,627
43,273
21,055
16,874
20,997
22,378
18,064
18,950
12,115
10,997
- -
Operating Margin (%)
41.65
32.7
36.34
36.6
47.66
41.57
46.63
52.88
38.14
13.08
33.81
33.35
39.96
- -
Depreciation Expense
1,445
1,522
1,548
1,406
938
643
712
724
754
717
706
708
705
- -
Net Income, GAAP
29,380
35,930
16,024
21,440
21,876
6,623
3,386
3,864
6,019
-1,705
945
-3,224
50
- -
Effective Tax Rate (%)
12.56
9.29
18.56
15.94
26.06
38.07
46.37
49.78
31.37
734.51
49.66
- -
- -
- -
Profit Margin (%)
92.14
94.22
39.2
45.98
50.55
31.46
20.07
18.4
26.9
-9.44
4.99
-26.61
0.45
- -
Working Capital
36,356
21,045
13,782
5,145
37,119
20,618
26,192
15,715
35,605
26,040
23,731
24,185
36,965
36,965
LT Debt
73,085
69,331
62,244
45,616
26,267
31,847
35,689
30,625
33,081
17,565
14,932
13,844
15,482
15,482
Total Equity
284,255
314,111
317,180
325,406
145,471
138,760
146,343
163,476
166,377
155,707
148,203
142,470
152,418
152,418
Return on Invested Capital (%)
3.31
3.4
3.09
3.69
5.33
2.93
2.22
2.75
2.81
-21.79
2.01
- -
- -
- -
Return on Capital (%)
8.59
9.67
4.18
5.77
7.75
3.88
2.07
1.66
2.89
-2.23
0.71
- -
- -
- -
Return on Common Equity (%)
11.21
12.37
5.23
6.87
9.54
4.78
2.43
2.56
3.75
-1.09
0.64
-2.3
0.04
- -

Capital Structure

HKD

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
ST Debt
3,010
3,088
2,424
LT Borrowings
13,844
16,523
15,482
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
3,056
3,056
3,056
Market Capitalization
65,329
66,193
68,950

Working Capital

HKD

•

in mil. unless spec.
Dec'24
Jun'25
Dec'25
Total Current Assets
47,442
50,216
57,825
Cash, Cash Equivalents & STI
3,310
13,081
11,707
Accounts Receivable, Net
194
184
191
Inventories
35,755
35,494
36,491
Total Current Liabilities
23,257
22,524
20,860
Payables & Accruals
- -
- -
- -
ST Debt
3,010
3,088
2,424
Deferred Revenue
- -
- -
- -

Growth Rates

HKD

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
-4.65%
-1.27%
6.98%
Free Cash Flow
-46.51%
28.01%
8.03%
Net Income, GAAP
-83.93%
-154.14%
-101.55%
Sales/Revenue/Turnover
-9.3%
-10.62%
-9.23%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
18,950
2024
- -
- -
12,115
2025
- -
- -
10,997

Semi-annual Earnings Per Share

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.31
2024
- -
- -
-1.05
2025
- -
- -
0.02

Semi-annual Dividends Per Share

HKD

•

in mil. unless spec.

Year

H1
H2
FY
2023
- -
- -
0.4
2024
- -
- -
0.4
2025
- -
- -
0.4

Company Description

CEO
Tin Hoi Ng
Full Time Employees
5,900
Sector
Finance
Industry
Real estate development
Address
16th Floor, Ocean Centre, Harbour City Hong Kong Hong Kong
IPO Date
Dec 30, 1988
Business
The Wharf (Holdings) Limited is a Hong Kong-based investment holding company primarily engaged in property investment, property development, hotel operations, and logistics infrastructure. Founded in 1886 and headquartered in Hong Kong, the company operates through four core business segments: investment properties, development properties, hotels, and logistics. Its investment properties portfolio includes commercial and retail spaces mainly located in Hong Kong and Mainland China. The development properties segment focuses on residential and mixed-use real estate projects in both regions. The company owns and manages a portfolio of 16 hotels across Asia under its Wharf Hotels brand, including wholly or partially owned properties like the recently opened Park Hyatt Changsha. Its logistics segment mainly comprises container terminal operations through Modern Terminals in Hong Kong and Mainland China, along with air cargo terminal operations through Hong Kong Air Cargo Terminals. Recent major developments at The Wharf (Holdings) Limited include strategic expansions and operational adjustments within its property and hotel segments, prompted by market dynamics in 2024. The residential market in Hong Kong stabilized following the lifting of cooling measures and interest rate cuts, strengthening demand for luxury residential properties. The company reported a 4% decline in segment revenue and a 6% drop in operating profit in its 2024 financial results, reflecting a challenging environment. Wharf has maintained its position as one of the longest-standing listed companies on the Hong Kong Stock Exchange and a constituent of the Hang Seng Index. Additionally, it retains significant equity holdings in companies such as Greentown China Holdings and Wharf Real Estate Investment Company. Wharf has sustained its commitment to corporate social responsibility, continuing as one of the top donors to community causes in Hong Kong. The Wharf (Holdings) Limited's business scope spans across Hong Kong and Mainland China, targeting commercial, residential property users, hotel guests, and logistics customers. The company emphasizes long-term asset management and strategic land acquisitions in these key markets. It is recognized for its historic presence and comprehensive property development and investment capabilities, supported by hotel operations and logistics infrastructure services. The company is controlled by its parent entity, Wheelock & Co., and focuses on "Building for Tomorrow" through diversified yet interconnected business areas. In recent years, Wharf divested its telecom arm Wharf T&T in 2016, allowing a sharper focus on its core property and logistics businesses. Overall, The Wharf (Holdings) Limited is a diversified property and infrastructure investment group with a history exceeding 130 years, operating across multiple sectors including investment and development properties, hospitality, and logistics infrastructure predominantly in Hong Kong and Mainland China, with recent strategic developments enhancing its residential and hotel portfolios in 2024.

Company News

  • The Wharf (Holdings) Limited (WARFY) Q2 2026 Earnings Call Transcript