JPMorgan Chase & Co released a report that rated Wharf Real Estate Investment (1997.HK) from "neutral""down to"Reduction of holdingsBased on the target dividend yield4% and target net asset value (NAV)) the forecast discount is 43%, and the target price is 39.6%.港Yuan dropped to 36.8港元。

The bank said that Wharf faced several risks, mainly from further delays in customs clearance between the mainland and Hong Kong, possible changes in the spending habits of mainland tourists, and further downside risks to the group's rent and asset revaluation next year. In addition, compared with full customs clearance, it is estimated that the easy entry Scheme to be launched next week will have very little impetus for travel to Hong Kong. The bank sees a good opportunity to sell any strong rebound in its share price.

The bank said that Wharf's current valuation is equivalent to 0.62 times the forecast price-to-book ratio.It is easy to come to Hong Kong"the plan may provide short-term stimulus, but the current estimate is not sustainable unless rental income returns to 2018 levels, but the gap is now 47%.