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].

创新奇智 | 00338 | 上海石油化 工股份 | 110.80 | 134.26 | 1.220 | 1.200 | 7537.17 | | --- | --- | --- | --- | --- | --- | --- | | 02190 | 归创通桥 | 5.00 | 93.30 | 19.480 | 18.440 | 2724.31 | | 00418 | 方正控股 | 72.40 | 72.85 | 1.010 | 1.000 | 98.69 | | 06826 | 昊海生物科 技 | 3.00 | 69.22 | 23.250 | 22.950 | 8126.13 | | 00314 | 思派健康 | 12.80 | 55.75 | 4.420 | 4.320 | 4784.57 | | 01788 | 国泰君安国 际 | 44.10 | 48.19 | 1.100 | 1.080 | 803.78 | | 01477 | 欧康维视生 物-B | 8.90 | 46.15 | 5.200 | 5.174 | 1744.13 | | 02416 | 易点云 | 26.00 | 45.76 | 1. ...

Group 1 - The article reports on share buybacks conducted by various companies on May 12, 2025, with AIA Group (01299) having the largest buyback amount of 1.25 billion, purchasing 2 million shares [1][2] - Other notable buybacks include China COSCO Shipping Holdings (01919) with 4.21 million shares bought back for 53.77 million, and Times Electric (03898) with 1.43 million shares for 47.22 million [2][3] - The total number of shares repurchased by AIA Group in the year reached 5.93 billion, accounting for 5.276% of its total share capital [2] Group 2 - China Hongqiao Group (01378) repurchased 1.13 million shares for 15.96 million, representing only 0.380% of its total share capital [2] - Swire Properties (00019) bought back 181,000 shares for 12.67 million, with a total annual repurchase of 5.56 million shares, which is 6.652% of its total [2] - The buyback activity reflects a trend among companies to utilize excess cash for share repurchases, potentially signaling confidence in their financial health [1][2]

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]

Summary of Key Points Core Viewpoint - On May 8, 39 Hong Kong-listed companies conducted share buybacks, totaling 31.64 million shares and an aggregate amount of HKD 506 million [1][2]. Group 1: Buyback Details - AIA Group repurchased 5 million shares for HKD 306 million, with a highest price of HKD 61.60 and a lowest price of HKD 60.60, bringing its total buyback amount for the year to HKD 7.992 billion [1][2]. - China COSCO Shipping Holdings repurchased 8.49 million shares for HKD 104 million, with a highest price of HKD 12.32 and a lowest price of HKD 12.14, totaling HKD 3.562 billion in buybacks for the year [1][2]. - Swire Pacific A repurchased 0.355 million shares for HKD 24.73 million, with a highest price of HKD 70.00 and a lowest price of HKD 69.30, accumulating HKD 1.598 billion in buybacks for the year [1][2]. Group 2: Buyback Rankings - The highest buyback amount on May 8 was from AIA Group at HKD 306 million, followed by China COSCO Shipping Holdings at HKD 104 million [1][2]. - In terms of share quantity, China COSCO Shipping Holdings led with 8.49 million shares repurchased, followed by Ying Group with 6 million shares and AIA Group with 5 million shares [1][2]. Group 3: Additional Buyback Information - Other notable companies involved in buybacks include Times Electric and Swire Properties, contributing to the overall buyback activity in the market [1][2]. - The data indicates a strong trend in share repurchases among Hong Kong-listed companies, reflecting confidence in their own stock valuations [1][2].

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 ...

Financial Performance - The company reported a profit of HK$7,121 million, a 74% increase compared to HK$4,096 million in FY2020[9, 192] - Recurring profit increased by 1% to HK$7,152 million in FY2021 from HK$7,089 million in FY2020[9, 113] - Underlying profit decreased by 25% to HK$9,541 million in FY2021, compared to HK$12,679 million in FY2020[9, 113] - The company aims for mid-single-digit annual dividend growth[9, 11] - The full year dividend per share (DPS) for FY2021 was HK$0.95, a 4.4% increase compared to HK$0.91 in FY2020[9, 123, 192] Portfolio Performance - The Hong Kong office portfolio maintained a high overall occupancy of 97%[9] - The Hong Kong retail portfolio is almost fully let[9] - Chinese Mainland retail portfolio experienced a 30% attributable retail sales growth[9] - Chinese Mainland overall portfolio contributed 37% attributable gross rental income in FY2021[46, 47] - Taikoo Li Qiantan achieved approximately 90% occupancy since opening in September 2021[49, 66, 256] Strategic Investments and Capital Management - The company plans to make over HK$100 billion in strategic investments over the next 10 years[9, 11, 13, 188] - The company has sales proceeds of over HK$6.3 billion from EDEN, Singapore and Reach & Rise, Miami[9] - The company's gearing ratio increased to 3.5% in Dec 2021 from 2.3% in Dec 2020[128, 192]

Group 1 - The article reports on share buybacks conducted by various companies on April 30, 2025, highlighting the total amounts and quantities repurchased [1][2][3] - AIA Group (01299) had the largest buyback amount, repurchasing 3.7736 million shares for a total of 217 million [1][2] - China Merchants Industry Holdings (01919) and China Hongqiao Group (01378) also had significant buybacks, with 12.9715 million shares for 151 million and 4.6665 million shares for approximately 64.83 million respectively [2][3] Group 2 - The cumulative buyback amounts for the year show that AIA Group has repurchased a total of 584 million shares, representing 5.198% of its total share capital [2] - China Merchants Industry Holdings has repurchased 241 million shares, accounting for 7.530% of its total share capital [2] - Other notable companies include Times Electric (03898) with 8.016% of its total shares repurchased and Swire Properties (01972) with 1.530% [2][3] Group 3 - The buyback activities reflect a trend among companies to return capital to shareholders, with varying percentages of total share capital being repurchased across different firms [1][2] - Companies like FOSUN Pharma (02196) and Jitu Express (01519) have lower buyback percentages, at 1.800% and 0.645% respectively, indicating a more conservative approach [2][3] - The data suggests a strategic move by companies to enhance shareholder value amidst market conditions [1][2]

Summary of Key Points Core Viewpoint - On April 29, 41 Hong Kong-listed companies conducted share buybacks, totaling 41.81 million shares and an amount of 520 million HKD [1][2]. Company Buyback Details - AIA Group repurchased 6.26 million shares for 343.26 million HKD, with a highest price of 55.350 HKD and a lowest price of 54.250 HKD, accumulating a total buyback amount of 7.45 billion HKD for the year [1][2]. - China Hongqiao repurchased 6.94 million shares for 96.23 million HKD, with a highest price of 13.900 HKD and a lowest price of 13.760 HKD, accumulating a total buyback amount of 1.97 billion HKD for the year [1][2]. - Swire Pacific A repurchased 0.21 million shares for 13.90 million HKD, with a highest price of 66.750 HKD and a lowest price of 65.700 HKD, accumulating a total buyback amount of 1.48 billion HKD for the year [1][2]. Buyback Amount Rankings - The highest buyback amount on April 29 was from AIA Group at 343.26 million HKD, followed by China Hongqiao at 96.23 million HKD [1][2]. - In terms of share quantity, the highest buyback was from Youzan with 11 million shares, followed by China Hongqiao and AIA Group with 6.94 million and 6.26 million shares respectively [1][2]. Notable First-Time Buybacks - Companies such as IGG and Yasheng Service conducted their first buybacks of the year during this period [2].