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Finance

Wheelock & Co. Ltd.

Company Background

Wheelock is a listed investment holding company based in Hong Kong. Through its key subsidiary, Wharf Holdings, the company engages in a wide range of businesses, including real estate development, shopping mall operations, media and container terminals.

Wharf Holdings operates two of Hong Kong's landmark shopping malls, the Harbour City in Tsim Sha Tsui and the Times Square in Causeway Bay, and accounts for about 10% of retail sales in Hong Kong.

The company runs complexes consisting of office buildings and shopping malls in locations in mainland China, including Shanghai, Dalian, Chongqing and Chengdu.

Wharf Holdings also has hotels under the Marco Polo and Niccolo brands in Hong Kong, mainland China and the Philippines. Group companies include i-Cable Communications, a leading cable TV provider in Hong Kong, and Wharf T&T, a telecommunications company.

Wheelock and Wharf were once separate British conglomerates in Hong Kong. In the 1970s and 1980s, Asian shipping magnate Yue-kong Pao acquired them both. Pao's successor, son-in-law Peter Woo, recently passed control of the businesses to his own eldest son, Douglas Woo, who now serves as chairman of the companies.

Business Summary

Wheelock & Co. Ltd. is an investment holding company, which engages in property investment and development. It operates through the following segments: Investment Property, Development Property, Hotels, Logistics, Communications, Media and Entertainment (CME), and Investment and Others. The Investment Property segment leases retail, office, and serviced apartments in Hong Kong, Mainland China, and Singapore. The Development Property segment covers acquisition, development, design, construction, sale, and marketing of trading properties in Hong Kong Mainland China, and Singapore. The Hotels Segment includes hotel operations in the Asia Pacific region. The Logistics Segment consists of container terminal operations in Hong Kong, and Mainland China. The CME segment comprises pay television, internet, multimedia, and other businesses. The Investment and Others segment is consists of management services, finance, and holding company operations. The company was founded in 1857 and is headquartered in Hong Kong.

Financial Highlights

Dec 2019 HKDUSD
Revenue48,519M6,192.44M
Gross Profit30,329M3,870.86M
Operating income24,816M3,167.24M
Income before tax17,193M2,194.32M
Net income9,173M1,170.74M
EBITDA28,213M3,600.80M
Diluted EPS4.470.57
Dividends Per Share1.570.20
Total Assets609,413M78,212.09M
Total liabilities215,700M27,682.94M
Total equity268,004M34,395.64M
Operating cash flow21,376M2,728.20M
Currency in HKDCurrency in USD

Historical Data

 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 57,431M 60,579M 70,953M 48,490M 48,519M
Gross Profit 23,997M 24,720M 27,705M 28,114M 30,329M
Operating income 18,455M 19,395M 22,411M 22,992M 24,816M
Income before tax 25,081M 26,589M 37,041M 30,636M 17,193M
Net income 14,232M 16,294M 20,570M 17,239M 9,173M
EBITDA 21,655M 22,552M 24,849M 25,875M 28,213M
Diluted EPS 7 8.01 10.06 8.41 4.47
Dividends Per Share 1.15 1.30 1.42 1.55 1.57
Total Assets 512,758M 520,435M 569,672M 592,624M 609,413M
Total liabilities 171,899M 170,915M 181,849M 203,146M 215,700M
Total equity 201,667M 215,365M 241,684M 251,077M 268,004M
Operating cash flow 32,676M 31,636M 17,233M 3,582M 21,376M
 Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019
Revenue 7,407.99M 7,804.10M 9,104.92M 6,186.88M 6,192.44M
Gross Profit 3,095.35M 3,184.55M 3,555.19M 3,587.09M 3,870.86M
Operating income 2,380.49M 2,498.56M 2,875.85M 2,933.57M 3,167.24M
Income before tax 3,235.18M 3,425.33M 4,753.22M 3,908.87M 2,194.32M
Net income 1,835.77M 2,099.07M 2,639.61M 2,199.54M 1,170.74M
EBITDA 2,793.26M 2,905.26M 3,188.70M 3,301.41M 3,600.80M
Diluted EPS 0.90 1.03 1.29 1.07 0.57
Dividends Per Share 0.14 0.16 0.18 0.19 0.20
Total Assets 66,161.03M 67,125.61M 72,873.24M 75,692.62M 78,212.09M
Total liabilities 22,180.08M 22,044.58M 23,262.37M 25,946.72M 27,682.94M
Total equity 26,021.04M 27,777.74M 30,916.55M 32,068.69M 34,395.64M
Operating cash flow 4,214.85M 4,075.51M 2,211.39M 457.03M 2,728.20M

Valuation Measures

Dec 2019
PER11.60
ROA1.52%
ROE3.53%
Operating margin51.14%
Profit margin18.90%

Key executives

  • Chairman, Chief Executive Officer & MD: Douglas Woo
  • Group Chief Financial Officer & Executive Director: Yiu Cheung Tsui
  • Investor Relations Officer: Queenie Hung
  • Secretary: Wing Sang Chan

Shareholders

  • WOO KWONG CHING PETER (66.8%)
  • The Vanguard Group, Inc. (1.1%)
  • Norges Bank Investment Management (0.7%)
  • BlackRock Fund Advisors (0.4%)
  • WOO CHUN-KUEN (0.3%)
  • Third Avenue Management LLC (0.3%)
  • Dimensional Fund Advisors LP (0.3%)
  • Geode Capital Management LLC (0.1%)
  • Canada Pension Plan Investment Board (0.1%)
  • Charles Schwab Investment Management, Inc. (0.0%)

Contact Details

Related Companies

  • Titano Ltd.
  • Wharf Peak Properties Ltd.
  • Botanica Pte Ltd.
  • Lane Crawford (Singapore) Pte Ltd.
  • Fabulous New Ltd.
  • Wharf China Finance Ltd.
  • Delightful Assets Ltd.
  • Green Assets Group Ltd.
  • Wheelock MTN (Singapore) Pte Ltd.
  • Wheelock & Co., Ltd. (Real Estate)
  • Wheelock Investments Ltd.
  • Wheelock Finance Ltd.
  • Wheelock Properties (HK) Ltd.
  • Wheelock Corporate Services Ltd.
  • Lane Crawford International Ltd.
  • Lawley International Ltd.
  • Wharf (Holdings) Ltd.

Competitors

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