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Property and hotel group holding Wheelock's legacy assets, mainland China projects and Marco Polo hotels, after spinning off Wharf REIC.
Property and hotel group holding Wheelock's legacy assets, mainland China projects and Marco Polo hotels, after spinning off Wharf REIC.
Earns from selling homes, with profit recognized only when finished flats are handed over to buyers, so reported earnings lag sales and swing with the number of projects completed in a year. Hotels and leased property add smaller recurring income.
In one line: The residual property/hotel holding company after Wharf's mall spinoff.
Moat: narrow (brand). Wheelock/Wharf brand heritage, but a smaller, less prime portfolio after the REIC spinoff.
Headquarters: Hong Kong · Founded: 1886 · Employees: 5,900
Size Wharf (Holdings) (0004.HK) is a Hong Kong Real Estate company (Real Estate Development) with a market value of $7.92B, the 196th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$20.32 on 6 Nov 2026.
Performance Over six months the shares fell 32.0%, against +1.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 0.7% over the last twelve months (peer median +9.1%); the operating margin is 40.9% (peer median 33.4%).
Valuation It trades at 15.7× forward earnings against a peer median of 18.1× (8th cheapest of 19).
Next results Next results expected around 18 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$10.7B | HK$11.0B | HK$12.1B | HK$18.9B | HK$18.1B |
| Revenue growth | — | -9% | -36% | +5% | — |
| Gross profit | HK$6.10B | HK$6.49B | HK$7.06B | HK$8.35B | HK$8.13B |
| EBITDA | HK$5.09B | HK$5.19B | HK$4.69B | HK$7.02B | HK$2.55B |
| Net income | -HK$437M | HK$50.0M | -HK$3.22B | HK$945M | -HK$1.71B |
| Free cash flow | HK$3.97B | HK$3.88B | HK$3.60B | HK$1.80B | HK$5.83B |
| Capital expenditure | HK$43.0M | HK$130M | HK$231M | HK$577M | HK$348M |
| Total debt | n/a | HK$17.9B | HK$16.9B | HK$19.4B | HK$20.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Wharf (Holdings) 0004.HK | $7.92B | -32% | -1% | 41% | 15.7× | n/a |
| Wharf Reic 1997.HK | $12.6B | +24% | -1% | 73% | 14.8× | n/a |
| China Overseas 0688.HK | $18.4B | -13% | +4% | 11% | 10.2× | n/a |
| Swire Properties 1972.HK | $19.4B | +4% | +6% | 49% | 18.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 0004.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.8% | +7.7% | 9th highest of 21 |
| 6-month return | -32.0% | +1.2% | 2nd lowest of 21 |
| Distance from 52-week high | -33.6% | -14.1% | 3rd lowest of 21 |
| Revenue growth (TTM) | -0.7% | +9.1% | 5th lowest of 21 |
| Operating margin | 40.9% | 33.4% | 11th highest of 21 |
| Forward P/E | 15.7× | 18.1× | 8th cheapest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wharf (Holdings) 0004.HK | Hong Kong | $7.92B | -32% | -1% | 41% | 15.7× | n/a | n/a |
| Compass COMP | United States | $7.84B | +17% | +68% | 0% | n/a | n/a | n/a |
| Phoenix Mills PHOENIXLTD.NS | India | $8.13B | +18% | +13% | 52% | 52.0× | n/a | n/a |
| Ctp CTPNV.AS | Netherlands | $7.43B | -18% | +12% | 67% | 13.0× | n/a | n/a |
| Prestige Estates Projects PRESTIGE.NS | India | $7.42B | +10% | +66% | 24% | 38.5× | n/a | n/a |
| PSP Swiss Property PSPN.SW | Switzerland | $8.73B | +5% | +44% | 68% | 27.9× | n/a | n/a |
| Daito Trust Construction 1878.T | Japan | $7.10B | -7% | +6% | 7% | 9.7× | n/a | n/a |
| Deutsche Wohnen DWNI.DE | Germany | $7.05B | -20% | 0% | 48% | 11.0× | n/a | n/a |
| AB Sagax SAGA-A.ST | Sweden | $6.96B | +5% | +5% | 78% | 15.7× | n/a | n/a |
| Cpi Property O5G.DE | Germany | $6.85B | -1% | -8% | 41% | n/a | n/a | n/a |
| Hulic 3003.T | Japan | $9.16B | +7% | +25% | 23% | 11.5× | n/a | n/a |
| Oberoi Realty OBEROIRLTY.NS | India | $6.66B | +4% | +16% | 57% | 20.0× | n/a | n/a |
| FirstService FSV.TO | Canada | $6.46B | +18% | +3% | 6% | 23.6× | n/a | n/a |
| Fastighets AB Balder BALD-B.ST | Sweden | $6.43B | -2% | +4% | 66% | 12.2× | n/a | n/a |
| NEPI Rockcastle NRP.AS | Netherlands | $6.34B | +9% | +20% | 62% | 12.1× | n/a | n/a |
| Poly Developments & 600048.SS | China | $10.1B | -9% | -4% | 4% | 48.6× | n/a | n/a |
| China Merchants Shekou Industrial Zone 001979.SZ | China | $10.4B | -10% | -22% | 1% | 69.7× | n/a | n/a |
| Castellum CAST.ST | Sweden | $5.94B | +10% | -3% | 67% | 16.1× | n/a | n/a |
| Godrej Properties GODREJPROP.NS | India | $5.77B | -4% | +17% | 21% | 24.5× | n/a | n/a |
| Shanghai Zhangjiang Hi-Tech Park Development 600895.SS | China | $5.71B | -33% | +89% | 26% | 36.4× | n/a | n/a |
| Tokyu Fudosan Holdings Corporat 3289.T | Japan | $5.69B | -7% | +6% | 14% | 8.6× | n/a | n/a |