太古地产回购明细 日期回购股数 （万股）回购最高价 （港元）回购最低价 （港元）回购金额 2025.04.1160.0015.72015.220935.032025.04.1060.0015.70015.320932.842025.04.0960.0015.20014.760895.942025.04.0860.0015.70015.100922.422025.04.0760.0016.10 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 （万港元） 证券时报•数据宝统计，太古地产在港交所公告显示，4月11日以每股15.220港元至15.720港元的价格回购60.00万股，回购金额达935.03万港元。该股当日收 盘价15.680港元，上涨1.03%，全天成交额3910.14万港元。 自4月1日以来公司已连续8日进行回购，合计回购480.00万股，累计回购金额7650.35万港元。 其间该股累计下跌3.80%。 今年以来该股累计进行66次回购，合计回购3552.10万股，累计回购金额5.55亿港元。（数据宝） ...

证 券 研 究 报 告 太古地产（01972.HK）深度研究报告 推荐（首次） 重奢运营久久为功，26 年租金有望再迎增长 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | | | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业总收入(百万港元) | 14,428 | 14,616 | | | 14,995 | 18,638 | | 同比增速(%) | -2.1% | 1.3% | | | 2.6% | 24.3% | | 归母净利润(百万港元) | -766 | 2,605 | | | 4,118 | 5,679 | | 同比增速(%) | -129.0% | 440.1% | | | 58.1% | 37.9% | | 每股盈利(港元) | -0.13 | 0.45 | | | 0.71 | 0.98 | | 市盈率(倍) | -117.1 | 33.5 | | | 21.8 | 15.8 | | 市净率(倍) | 0.3 | 0.3 | | | 0.3 | 0.3 | | ...

Financial Performance - The company's revenue for 2024 was HKD 14,428 million, a decrease of 2% compared to HKD 14,670 million in 2023[52]. - Basic earnings attributable to shareholders dropped by 42% to HKD 6,768 million from HKD 11,570 million in the previous year[52]. - The net cash outflow before financing improved by 70%, reducing to HKD 2,515 million from HKD 8,416 million[52]. - The basic earnings per share decreased by 41% to HKD 1.16 from HKD 1.98 in 2023[52]. - The company reported a total operating profit of HKD 1,702 million in 2024, significantly down from HKD 5,180 million in 2023, indicating a decline of around 67.16%[103]. - The fair value loss on investment properties was HKD 5,996 million in 2024, compared to HKD 2,829 million in 2023, marking an increase of approximately 111.43%[103]. - The reported loss attributable to shareholders for 2024 was HKD 7.66 billion, compared to a profit of HKD 26.37 billion in 2023, primarily due to a fair value loss of investment properties amounting to HKD 62.99 billion in 2024[67]. - The recurring basic profit for 2024 was HKD 64.79 billion, down from HKD 72.85 billion in 2023, mainly due to a decline in rental income from Hong Kong office properties[108]. Sustainability Initiatives - The company aims to achieve its 2030 sustainability vision six years ahead of schedule, ranking first globally in the real estate management and development industry by 2024[27]. - The company has established a partnership with LVMH to enhance environmental, social, and governance performance in retail, office, and dining locations in mainland China and Hong Kong[23]. - The company received the highest sustainability rating of "AAA" and maintained its position as the top index leader for seven consecutive years[36]. - The company achieved a 3.8% reduction in electricity intensity among participating tenants, saving approximately 750,000 kWh[44]. - The company’s sustainable procurement expenditure amounted to HKD 447 million[44]. - The company’s community initiatives created over HKD 60 million in social value since 2019[38]. - The company continues to pursue sustainability initiatives, achieving over 60% of its energy consumption from renewable sources in its mainland China properties[90]. - The "Green Retail Partnership" framework was established to promote sustainable store design and improve environmental performance in collaboration with tenants like LVMH[90]. Investment and Development - The company announced a share buyback plan of up to HKD 1.5 billion, set to conclude by May 2025[22]. - The company acquired a 50% stake in Guangzhou Poly Dragon Bay Taikoo Li, enhancing its retail portfolio[22]. - The company successfully secured the property at Tianhe Road 387, which will be renovated as part of the Guangzhou Taikoo Hui premium retail property portfolio[32]. - The company is expanding its operations into Japan with plans for hotel development[11]. - The company has six operational large-scale commercial development projects in Beijing, Guangzhou, Chengdu, and Shanghai, with several more under development[10]. - The company has invested over HKD 500 billion in mainland China, with more than 90% of this capital already allocated to various new projects[70]. - The company plans to invest HKD 100 billion over the next decade in various projects in Hong Kong and mainland China, with a target allocation of HKD 30 billion for Hong Kong, HKD 50 billion for mainland China, and HKD 20 billion for residential projects including Southeast Asia[119]. - The company plans to double its total floor area in mainland China with more retail-led developments in first-tier and emerging first-tier cities[119]. Market Performance - The short-term outlook for the Hong Kong office market is expected to remain soft, while retail sales in mainland China are anticipated to gradually recover[74]. - The Hong Kong office market is expected to remain sluggish through 2025, with continued pressure on rents due to weak demand and oversupply[83]. - The retail malls maintained a 100% occupancy rate, with strong performance in mainland China, highlighting their status as preferred leisure destinations[72]. - The overall retail sales in Hong Kong dropped by 7% in 2024, with specific declines of 11% at Pacific Place, 2% at Cityplaza, and 4% at Citygate Outlets[153]. - The luxury retail market in first-tier cities in mainland China remains strong, with ongoing expansion plans for luxury brands in key locations[86]. - Retail sales in mainland China are expected to accelerate in 2025, driven by domestic demand growth and ongoing renovations of several malls[85]. Employee and Community Engagement - The average training hours per employee increased by 105% to 25 hours, totaling approximately 173,900 hours of training[39]. - The lost time injury rate (LTIR) for non-hotel operations was reported at 0.56, significantly below the target of ≤1.2[40]. - The female employee ratio reached 42.5%, exceeding the target of at least 40%[41]. - The company achieved a 35.7% representation of women on the board, exceeding the 30% target for 2024[49]. - The group is committed to enhancing community-building capabilities, including tenant engagement programs and strong ESG initiatives[136]. Financial Outlook - The company maintained a capital net debt ratio of 15.7%, an increase of 3.0 percentage points from 12.7%[52]. - The company reported a total equity attributable to shareholders of HKD 275,326 million in 2024, a decrease from HKD 285,082 million in 2023[55]. - The average return on equity for the company was 2.4% in 2024, down from 4.0% in 2023[55]. - The company maintained a healthy financial liquidity, which supports the implementation of the next phase of its investment plan[65]. - Approximately 70% of the company's bond and loan financing came from green finance, with a total issuance of green bonds valued at about HKD 6,900 million[49].

证券时报·数据宝统计，太古地产在港交所公告显示，4月7日以每股15.520港元至16.100港元的价格回购 60.00万股，回购金额达949.03万港元。该股当日收盘价15.520港元，下跌8.81%，全天成交额1.43亿港 元。 （文章来源：证券时报网） 太古地产回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.04.07 | 60.00 | 16.100 | 15.520 | 949.03 | | 2025.04.03 | 60.00 | 17.000 | 16.740 | 1018.62 | | 2025.04.02 | 60.00 | 16.780 | 16.400 | 1001.09 | | 2025.04.01 | 60.00 | 16.720 | 16.300 | 995.37 | | 2025.03.27 | 0.04 | 17.000 | 17.000 | 0.68 | | 2025.03.26 | 12.96 | 17.000 | 16.880 ...

证券时报数据宝统计，太古地产在港交所公告显示，4月1日以每股16.300港元至16.720港元的价格回购 60.00万股，回购金额达995.37万港元。该股当日收盘价16.660港元，上涨2.21%，全天成交额7856.57万 港元。 今年以来该股累计进行59次回购，合计回购3132.10万股，累计回购金额4.89亿港元。(数据宝) 港股回购 港股回购、公司回购、回购、股份回购、港股 太古地产回购明细 | 日期 | 回购股数(万股) | 回购最高价(港元) | 回购最低价(港元) | 回购金额(万港元) | | --- | --- | --- | --- | --- | | 2025.04.01 | 60.00 | 16.720 | 16.300 | 995.37 | | 2025.03.27 | 0.04 | 17.000 | 17.000 | 0.68 | | 2025.03.26 | 12.96 | 17.000 | 16.880 | 219.95 | | 2025.03.25 | 12.26 | 17.000 | 16.960 | 208.35 | | 2025.03.24 | 44.16 | 17. ...

Financial Data and Key Metrics Changes - The company reported a recurring underlying profit of HKD 6.5 billion, a decrease of 11% year on year, primarily due to higher net finance charges and reduced office rental income in Hong Kong [4][23] - Attributable gross rental income decreased slightly by 2% year on year [4][24] - The full year dividend per share was declared at HKD 1.10, an increase of 5% [5][25] - The valuation of investment properties at the end of 2024 was RMB 271.5 billion, a 3% decrease compared to the end of 2023 [27][28] Business Line Data and Key Metrics Changes - In Hong Kong, gross rental income for the office sector decreased by 4% year on year, while retail gross rental income decreased by 3% [24][12] - The Chinese Mainland retail portfolio achieved a 2% increase in gross rental income in Hong Kong dollar terms and a 4% increase in renminbi terms [24][13] - The office portfolio in the Chinese Mainland had a steady performance with a 1% increase in gross rental income in renminbi terms [17][25] Market Data and Key Metrics Changes - The Hong Kong office market remains soft due to oversupply, with overall occupancy at 93% [10][11] - Retail sales growth in the Chinese Mainland stabilized in Q4 2024, with an overall decline of 7% in retail sales, except for Taiguli Tian Tan in Shanghai, which reported positive sales growth [14][15] - In Miami, retail sales increased by 3% year on year, with occupancy at 100% [18] Company Strategy and Development Direction - The company aims to achieve long-term growth targets through an active capital recycling strategy and a diverse development pipeline [6][7] - The company plans to invest HKD 100 billion across three core markets, with 67% already committed [7][9] - The strategy includes maintaining a balanced portfolio mix between retail and office sectors to support sustainable annual dividend growth [7][36] Management Comments on Operating Environment and Future Outlook - Management described the outlook as positive despite market headwinds, emphasizing the resilience of the business [36][39] - The company anticipates a gradual recovery in the premium office sector and expects improved consumer sentiment in the Chinese Mainland retail market [38][39] - Management remains cautious about the Hong Kong office market due to high vacancy rates and new supply pressures [58][59] Other Important Information - The company achieved the number one ranking in the global Dow Jones Best in Class World Index, reflecting its commitment to sustainability [5][31] - The green financing ratio increased to approximately 70%, exceeding the 2025 target of 50% [30] Q&A Session Summary Question: About the buyback program and Mainland China retail outlook - Management confirmed the buyback program will be assessed closer to May, considering market conditions and liquidity [44] - Retail sales in the Chinese Mainland showed mild positive growth in Q1 2025, with expectations for positive rental reversions over time [46] Question: Confidence in luxury retailers' commitments and remuneration structure - Management expressed confidence in luxury brands' commitment to new developments, emphasizing strong partnerships [51] - There are no current plans to change the remuneration structure, maintaining a balance between financial and operational incentives [52] Question: Capital allocation and Hong Kong office market outlook - Management highlighted significant cash flow from residential projects expected in 2025 and 2026, supporting capital allocation [56] - The outlook for the Hong Kong office market remains under pressure, with expectations for stronger demand in 2026 and 2027 [59] Question: Payout ratio and capital recycling - The cumulative payout ratio since listing is 50%, with a commitment to maintain this ratio despite current high levels [65] - Management is actively pursuing capital recycling opportunities to support future investments [67] Question: Asset held for sale and CapEx rationale - The transfer of investment properties to assets held for sale relates to Miami and a project in Hong Kong, with active divestment opportunities being explored [75] - The long-term gearing target is around 20%, with confidence in maintaining credit ratings while managing capital commitments [76]

Group 1 - The core point of the article is that Swire Properties has been actively repurchasing its shares, indicating a strategy to support its stock price amidst market fluctuations [1] - On March 10, the company repurchased 600,000 shares at a price range of HKD 15.960 to HKD 16.260, totaling HKD 9.6655 million [1] - The stock closed at HKD 16.080 on the same day, reflecting a slight decline of 0.12% with a total trading volume of HKD 53.4375 million [1] Group 2 - Since October 3, 2024, the company has conducted share repurchases for 106 consecutive days, accumulating a total of 63.105 million shares repurchased and a total expenditure of HKD 996 million [1] - During this period, the stock has experienced a cumulative decline of 6.94% [1] - In 2024 alone, the company has executed 45 repurchase transactions, acquiring a total of 26.505 million shares for a total of HKD 409 million [1]

Group 1 - The core point of the article is that Swire Properties has been actively repurchasing its shares, indicating a strategy to support its stock price amidst a declining market trend [1] - On February 28, the company repurchased 600,000 shares at a price range of HKD 15.380 to HKD 15.560, totaling HKD 9.2817 million [1] - The stock closed at HKD 15.400 on the same day, reflecting a decrease of 1.28% with a total trading volume of HKD 55.7749 million [1] Group 2 - Since October 3, 2024, the company has conducted share repurchases for 100 consecutive days, accumulating a total of 59.505 million shares repurchased and a total expenditure of HKD 938 million [1] - During this period, the stock has experienced a cumulative decline of 10.88% [1] - In 2024 alone, the company has executed 39 repurchase transactions, acquiring a total of 22.905 million shares for a total of HKD 352 million [1]

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of HK$18.00, while the current price is HK$15.28 [5][23]. Core Insights - The company's performance for 2024 is expected to be weak, with core earnings projected to decline by 10% to HK$6.5 billion, primarily due to a sluggish office market, stagnant retail sector, and high interest costs [1][2]. - Earnings are anticipated to stabilize in 2025 and slightly recover in 2026, influenced by factors such as declining rental income from mainland malls and the absence of contributions from new projects [2][11]. - Despite challenges, the company is expected to fulfill its dividend growth commitment, with a projected increase of 2.9% for the full year 2024 [1][2]. Financial Forecasts - Total revenue is forecasted to decrease from HK$14.67 billion in 2023 to HK$13.89 billion in 2024, representing a year-on-year decline of 5.3% [3][11]. - The company’s core profit is expected to drop from HK$7.29 billion in 2023 to HK$6.54 billion in 2024, a decrease of 10.2% [3][11]. - The projected basic earnings per share (EPS) for 2024 is HK$1.12, down from HK$1.25 in 2023 [3][11]. - The dividend per share is expected to increase from HK$1.05 in 2023 to HK$1.08 in 2024, reflecting a dividend yield of 7.1% to 7.5% over the forecast period [3][11]. Market Conditions - The report highlights that the retail sales in Hong Kong continue to be affected by local tourism loss and changing consumer spending patterns, while the office rental market remains weak [1][2]. - The company’s properties in mainland China are also experiencing a decline in rental income due to consumer downgrading [2][19]. Share Buyback Program - The company has made progress on its HK$1.5 billion share buyback program, having repurchased 28.2 million shares, which is approximately 29% of the total program [21].

Group 1 - The core point of the article is that Swire Properties has been actively repurchasing its shares, indicating a strategy to support its stock price amidst a decline [1] - On February 20, the company repurchased 600,000 shares at a price range of HKD 14.880 to HKD 15.160, totaling HKD 8.9976 million [1] - The stock closed at HKD 14.940 on the same day, reflecting a decrease of 0.53% with a total trading volume of HKD 89.5639 million [1] Group 2 - Since October 3, 2024, the company has conducted share repurchases for 94 consecutive days, totaling 55.905 million shares and an aggregate amount of HKD 883 million [1] - During this period, the stock has experienced a cumulative decline of 13.54% [1] - In 2024, the company has executed 33 repurchase transactions, acquiring a total of 19.305 million shares for a total of HKD 296 million [1]