First Boston: Wharf target price at HK$30, ascending room 48%

Credit Suisse First Boston said in its latest report that the annual profit of Wharf(0004), which had been just released, was higher than  expectation. The increased profit of Wharf was mainly caused by selling parts of its securities. First Boston predicted that the interest expenditure would decrease and the debt-to-equity ratio would fall from 37% to 31%.First Boston also predicted that shares price of Wharf would have a 20% discount compared with the earnings per share as a high growth of profit. The target price was set at HK$30. First Boston maintained the rating of "buy" on Wharf and it predicted there would be 48% ascending room for Wharf shares price.

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