Group 1: Company Performance - The company reported Q1 retail sales growth in its mainland shopping centers, with Shanghai Xinya Taikoo Hui, Beijing Sanlitun Taikoo Li, and Shanghai Qiantan Taikoo Li showing increases of 10.1%, 6%, and 1.5% year-on-year respectively [1] - Retail sales in Chengdu Taikoo Li, Guangzhou Taikoo Hui, and Beijing Yintai Center declined by 2.9%, 2.5%, and 0.4% year-on-year, but the decline was significantly narrower compared to 2024 [1] - The improvement in retail sales is attributed to the introduction of more luxury brands following renovations completed at the beginning of 2025, particularly benefiting Shanghai Xinya Taikoo Hui [1] Group 2: Market Trends - Hong Kong shopping centers maintained full occupancy with a slight improvement in retail sales growth, with Taikoo City Centre, Taikoo Place, and Citygate Outlets showing year-on-year growth rates of +2.9%, -5%, and -5.8% respectively [2] - The overall rental rate for Hong Kong office buildings remained under pressure due to market oversupply, with a Q1 occupancy rate of 89%, consistent with the end of 2024 [2] - In mainland office projects, Guangzhou Taikoo Hui and Beijing Yintai Center saw occupancy rates increase by 1 percentage point to 91% and 84% respectively, while Shanghai Xinya Taikoo Hui's rate decreased by 2 percentage points to 94% [2] Group 3: Investment Outlook - The company is characterized as a commercial real estate firm that generates stable cash flow through holding assets with a competitive edge [3] - Q1 performance in mainland shopping centers aligns with expectations, driven by the company's strong leasing and renovation capabilities [3] - Projected net profit growth for the company is 449%, 54%, and 37% for the years 2025 to 2027, with a consistent annual dividend growth of 5% [3]

Investment Rating - The report maintains a "Recommended" rating for Swire Properties (1972.HK) with a target price of HKD 21.55 [2][8]. Core Insights - The company's Q1 performance met expectations, with improvements in the operation of shopping centers in mainland China. Retail sales in key locations such as Shanghai and Beijing showed positive growth, while declines in other areas were significantly reduced compared to 2024 [2][8]. - The report highlights the strong competitive advantage of Swire Properties due to its prime location shopping centers and robust leasing capabilities, which are expected to drive rental income growth in the coming years [8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are HKD 14,428 million, HKD 14,616 million, HKD 14,995 million, and HKD 18,638 million respectively, with growth rates of -2.1%, 1.3%, 2.6%, and 24.3% [4]. - The net profit attributable to shareholders is forecasted to be -HKD 766 million in 2024, increasing to HKD 2,676 million in 2025, HKD 4,132 million in 2026, and HKD 5,671 million in 2027, with growth rates of -129.0%, 449.3%, 54.4%, and 37.2% respectively [4]. - Earnings per share (EPS) are projected to be -HKD 0.13 in 2024, HKD 0.46 in 2025, HKD 0.72 in 2026, and HKD 0.98 in 2027 [4]. Market Performance - The report notes that Swire Properties' shopping centers in Hong Kong maintained full occupancy, with slight improvements in retail sales growth compared to the previous year [8]. - The overall rental market for office spaces in Hong Kong remains under pressure due to oversupply, with an occupancy rate of 89% in Q1 [8]. Investment Recommendation - Swire Properties is characterized as a commercial real estate company that generates stable cash flow through holding assets with a competitive moat. The expected growth in net profit and consistent dividend growth of 5% annually supports the investment thesis [8].

Group 1 - Morgan Stanley maintains a target price of HKD 16 for Swire Properties and a "Market Perform" rating [1] - In Q1 2025, rental performance for Swire Properties in Hong Kong showed flat rental rates for Taikoo Place, with a rental adjustment rate of -16% year-on-year [1] - Retail performance in Hong Kong for Q1 2025 indicated a 5% year-on-year decrease in retail sales at Taikoo Place and a 5.8% decrease at Cityplaza, while Taikoo City Centre saw a 2.9% increase [1] Group 2 - In mainland China, all six retail malls recorded quarter-on-quarter improvements in retail sales for Q1 2025 [1] - Positive growth was observed in Shanghai and Beijing, while Guangzhou and Chengdu experienced declines [1]

2022 FINAL RESULTS | ANALYST BRIEFING 9TH MARCH 2023 DISCLAIMER This presentation has been prepared by Swire Properties Limited (the "Company", and together with its subsidiaries, the "Group") solely for information purposes and the information contained herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the accuracy, fairness, completeness, reasonableness or correctness of the information or opinions presented h ...

2022 INTERIM RESULTS | ANALYST BRIEFING 11TH AUGUST 2022 DISCLAIMER This presentation has been prepared by Swire Properties Limited (the "Company", and together with its subsidiaries, the "Group") solely for information purposes and certain information has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the accuracy, fairness, completeness, reasonableness or correctness of the information or opinions presented herein or ...

2021 FINAL RESULTS | ANALYST BRIEFING 10TH MARCH 2022 DISCLAIMER This presentation has been prepared by Swire Properties Limited ("the "Company", and together with its subsidiaries, the "Group") solely for information purposes and certain information has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the accuracy, fairness, completeness, reasonableness or correctness of the information or opinions presented herein or an ...

Summary of Key Points Core Viewpoint - Swire Properties has been actively repurchasing its shares, indicating a strong commitment to enhancing shareholder value through buybacks [2][3]. Buyback Activity - On April 28, Swire Properties repurchased 600,000 shares at a price range of HKD 16.400 to HKD 16.880, totaling HKD 10.07 million [2]. - The stock closed at HKD 16.820 on the same day, reflecting a 1.94% increase, with a total trading volume of HKD 41.79 million [2]. - Since April 1, the company has conducted buybacks for 17 consecutive days, acquiring a total of 10.2 million shares for a cumulative amount of HKD 164 million, during which the stock price increased by 3.19% [2]. Year-to-Date Buyback Summary - Year-to-date, Swire Properties has executed 75 buybacks, acquiring a total of 40.92 million shares for a total expenditure of HKD 643 million [3].

Summary of Key Points Core Viewpoint - Swire Properties has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [2][3]. Share Buyback Details - On April 17, 2025, Swire Properties repurchased 600,000 shares at a price range of HKD 16.020 to HKD 16.240, totaling HKD 9.6646 million [2]. - The stock closed at HKD 16.080 on the same day, reflecting a 0.63% increase with a total trading volume of HKD 30.2113 million [2]. - Since April 1, 2025, the company has conducted share buybacks for 12 consecutive days, acquiring a total of 7.2 million shares for a cumulative amount of HKD 115 million [2]. - Year-to-date, the company has executed 70 buybacks, totaling 37.921 million shares and an aggregate expenditure of HKD 594 million [2]. Historical Buyback Data - A detailed table of buyback activities shows consistent repurchases, with the highest price reaching HKD 17.000 and the lowest at HKD 14.760 during the observed period [3][4]. - The buyback strategy appears to be a response to a cumulative stock price decline of 1.35% during the buyback period [2].

Group 1 - Chengdu Taikoo Li has successfully integrated traditional and modern elements, setting a new benchmark for high-quality urban renewal in mainland China [1] - The project has become a commercial landmark in Chengdu, attracting over 30 million visitors annually since its opening in 2015 [2] - Taikoo Properties has committed to investing HKD 50 billion in mainland China, achieving 92% of this target to date [1][4] Group 2 - The project features a low-density shopping center and a hotel, preserving traditional Sichuan architectural styles while promoting community engagement [2] - Over 215 brands have opened new stores or undergone renovations in the past three years, including high-end brands like Cartier and Dior, enhancing luxury retail experiences in Southwest China [2] - Taikoo Properties has seen a 12% increase in rental income at its Sanlitun Taikoo Li project, reaching a historical high, while overall foot traffic in mainland malls increased by 5% last year [3] Group 3 - The company is expanding its investment portfolio in mainland China, with projects in cities like Beijing, Shanghai, Guangzhou, and Sanya [4] - Taikoo Properties has a long-term investment outlook for the mainland market, aiming to identify more investment opportunities [4] - The company maintains a cautious approach to the current market environment while continuing its investment plans [5]

Group 1 - Despite the global luxury market facing challenges, Swire Properties reported a 5% increase in retail foot traffic in mainland China [1] - Swire Properties remains optimistic about the future of its retail business, noting improvements in retail sales since the fourth quarter of the previous year, with a stable trend expected to continue into the first quarter of 2025 [1] - The company aims to seek stable development amidst uncertainties in the retail industry, focusing on becoming a preferred partner for brands seeking quality collaborations [1] Group 2 - Chengdu Taikoo Li, a flagship property of Swire Properties in mainland China, celebrated its 10th anniversary with an exhibition showcasing its unique blend of commerce and culture [4] - The anniversary event included a documentary that highlights the development and stories behind Chengdu Taikoo Li, emphasizing its low-density space and environment-driven planning [4][5] - Since its upgrade in 2022, Chengdu Taikoo Li has introduced over 215 new brands, including several regional and national first stores, enhancing its position as a premier retail destination [5] Group 3 - Notable brands that have opened stores in Chengdu Taikoo Li include Cartier, Dior, Goyard, LOEWE, Louis Vuitton, and Tiffany & Co., with some stores setting sales records nationally and globally [6] - Swire Properties currently operates six completed projects in mainland China, including locations in Beijing, Shanghai, Guangzhou, and Chengdu, with several more projects under development [6]