Core Viewpoint - DBS has set a target price of HKD 30.38 for Swire Properties (01972) and rated it as "Buy" due to the anticipated launch of new retail complexes in Beijing, Shanghai, Sanya, and Xi'an starting this year, which are expected to be significant catalysts for medium to long-term profit and dividend growth, driving the stock price upward [1][5]. Group 1 - The new retail complexes are projected to contribute to Swire Properties' medium to long-term profit and dividend growth, serving as important catalysts for stock price appreciation [1][5]. - Following a recent increase in stock price, Swire Properties is currently trading at a 50% discount to its net asset value (NAV), indicating potential for long-term price appreciation [1][5]. - Swire Properties has a track record of creating long-term value through the development and management of property complexes [1][5]. Group 2 - The report indicates signs of improvement in Swire Properties' core operations, with stable performance in the office portfolio at Pacific Place, complemented by improved sales momentum from retail tenants in Hong Kong and mainland China, which is expected to support stable rental income [1][5]. - The company announced the sale of two luxury houses at 6 Deep Water Bay Road for HKD 2.2 billion, equivalent to HKD 147,000 per square foot, with the transaction expected to be completed in the first quarter of this year, likely contributing significant profits to support net profit performance [1][5].

Core Viewpoint - DBS has set a target price of HKD 30.38 for Swire Properties (01972) with a "Buy" rating, highlighting the potential for significant stock price appreciation driven by new retail complexes in Beijing, Shanghai, Sanya, and Xi'an starting this year [1] Group 1: Financial Performance and Projections - The new projects are expected to be important catalysts for Swire Properties' medium to long-term profit and dividend growth, which will drive stock price increases [1] - Following a recent rise in stock price, the current price is at a 50% discount to net asset value (NAV), indicating potential for long-term upward movement [1] Group 2: Operational Insights - Swire Properties has a track record of creating long-term value through the development and management of property complexes [1] - Core operations show signs of improvement, with the office portfolio at Pacific Place demonstrating stability, and retail tenant sales in Hong Kong and mainland China improving, which is expected to support stable rental income [1] Group 3: Recent Transactions - The company announced the sale of two independent houses at the luxury project "6 Deep Water Bay Road" for HKD 2.2 billion, equivalent to HKD 147,000 per square foot, with the transaction expected to complete in the first quarter of this year, likely contributing significant profits to support net profit performance [1]

Group 1 - The core viewpoint of the report indicates that the performance of Swire Properties' retail projects in Shanghai and Beijing has improved significantly, with retail sales increasing by 49.6% and 11.2% year-on-year, respectively [1] - The company plans to launch the first phase of the Guangzhou Julongwan Taikoo Li project by the end of 2025, focusing on retail, dining, and leisure, while other projects in Sanya, Shanghai, and Lujiazui are progressing as scheduled, expected to be completed starting in 2026 [1] - In the context of high vacancy rates in the Hong Kong office market, the overall occupancy rate of the company's office buildings in Hong Kong is recorded at 91%, with a year-on-year increase of 1 percentage point to 96% for Taikoo Place, while Taikoo Square's occupancy rate decreased by 4 percentage points to 89% [1] Group 2 - The rental rates for the company's office buildings have decreased by 13% to 15% year-on-year, attributed to the company's flexible leasing strategy aimed at prioritizing occupancy rates and tenant retention amid intense market competition [1] - CICC maintains a "outperform industry" rating for the company with a target price of HKD 26.5, corresponding to dividend yields of 4.3% and 4.5% for 2025 and 2026, respectively [2]

Core Viewpoint - The company maintains its earnings forecast for Swire Properties (01972) and keeps an outperform rating with a target price of HKD 26.5, implying an 8% upside potential and corresponding dividend yields of 4.3% and 4.5% for 2025 and 2026 respectively [1] Group 1: Retail Performance - The performance of high-end shopping centers in mainland China is outstanding, with retail sales in Shanghai's Xinyi Swire and Beijing's Sanlitun Taikoo Li expected to grow by 49.6% and 11.2% year-on-year in 2025, respectively [2] - Other projects such as Shanghai's Front Beach Taikoo Li, Chengdu Taikoo Li, and Guangzhou Taikoo Hui also recorded year-on-year retail sales growth of 6.9%, 6.5%, and 1.6%, with fourth-quarter performance improving compared to the first three quarters [2] - New projects are on track, with the first phase of Guangzhou Julong Bay Taikoo Li launched by the end of 2025, and other projects in Sanya, Shanghai, and Lujiazui expected to be completed starting in 2026 [2] Group 2: Hong Kong Office Market - The overall occupancy rate of the company's Hong Kong office buildings is 91%, a year-on-year decrease of 2 percentage points, while the core area of Taikoo Place saw an increase of 1 percentage point to 96% [3] - The rental rate for office buildings is expected to decline by 13-15% in 2025 due to competitive market conditions, with the company adopting flexible leasing strategies to prioritize occupancy and tenant retention [3] Group 3: Hong Kong Retail Market - Retail sales in Hong Kong's high-end shopping center Taikoo Place and mass-market center Taikoo City Center are expected to grow by 5.6% and 2.7% year-on-year in 2025, outperforming the overall Hong Kong retail sector, which is projected to grow by 1.0% [4] - The growth is attributed to the recovery of luxury brand sales from a low base and the company's ongoing tenant adjustments and marketing activities to attract diverse customer traffic [4]

Core Viewpoint - CICC maintains its earnings forecast for Swire Properties (01972) and keeps an outperform rating with a target price of HKD 26.5, implying a 4.3%/4.5% dividend yield for 2025-26 and an 8% upside potential [1] Group 1: Retail Performance - The performance of luxury shopping centers in mainland China is outstanding, with retail sales in Shanghai and Beijing expected to grow by 49.6% and 11.2% year-on-year in 2025, respectively [2] - New projects are progressing as planned, with the first phase of Guangzhou Julong Bay Taikoo Li launched by the end of 2025, and other projects in Sanya, Shanghai, and Lujiazui expected to be completed starting in 2026 [2] Group 2: Hong Kong Office Market - The overall occupancy rate of the company's Hong Kong office buildings is 91%, a year-on-year decrease of 2 percentage points, while the occupancy rate in core areas like Taikoo Place increased by 1 percentage point to 96% [3] - Office rental rates are expected to decline by 13-15% in 2025 due to competitive market conditions, with the company prioritizing occupancy and tenant retention [3] Group 3: Hong Kong Retail Recovery - Retail sales in Hong Kong's luxury mall Taikoo Place and mass-market mall Taikoo City Center are expected to grow by 5.6% and 2.7% year-on-year in 2025, outperforming the overall retail sector in Hong Kong [4] - The recovery is attributed to the resurgence of luxury brand sales and the company's ongoing tenant adjustments and marketing efforts to attract diverse customer flows [4]

Core Viewpoint - Swire Properties' residential project "Hyde Park" in Hong Kong's Eastern District recorded a significant transaction activity, indicating strong demand in the local real estate market [1] Group 1: Transaction Details - On February 8, "Hyde Park" achieved sales of 9 units in a single day, including a notable transaction where a large buyer purchased two units [1] - The sold units are two-bedroom open kitchen apartments with a usable area of 538 square feet, priced between 8.42 million to 8.941 million HKD after discounts [1] - The price per square foot for these units ranged from 15,651 to 16,619 HKD [1] Group 2: Cumulative Sales Performance - As of February 8, "Hyde Park" has recorded a total of 121 transactions, with a cumulative sales amount exceeding 1 billion HKD [1]

Core Viewpoint - Swire Properties (01972) reported operational data for Q4 2025, indicating a decline in rental rates across various properties while maintaining relatively high occupancy rates. Group 1: Hong Kong Properties - Taikoo Place achieved a rental rate of 96% with a rental decrease of 13% [1] - Overall occupancy for Taikoo Hong Kong reached 89%, with a rental decrease of 15% [1] - The Island East Centre and Taikoo Place One had an occupancy rate of 91% [1] - Other office buildings in Taikoo Place recorded an occupancy rate of 88%, with a rental decrease of 15% [1] Group 2: Mainland China Properties - Taikoo Hui office buildings achieved a rental rate of 90% [1] - One Taikoo Shing recorded a rental rate of 93% [1] - Hong Kong Industrial Centre One and Two both reached a rental rate of 93% [1]

Core Viewpoint - Swire Properties (01972) reported its operational data for Q4 2025, indicating a decline in rental rates across various properties while maintaining relatively high occupancy rates [1] Group 1: Hong Kong Properties - Taikoo Place achieved a rental rate of 96% with a rental decrease of 13% [1] - Overall occupancy for Taikoo Hong Kong reached 89%, with a rental decrease of 15% [1] - The occupancy rate for Island East Centre and Taikoo Place One was 91% [1] - Other office buildings in Taikoo Place had an occupancy rate of 88%, with a rental decrease of 15% [1] Group 2: Mainland China Properties - Taikoo Hui office buildings reported a rental rate of 90% [1] - One of the buildings in Cityplaza achieved a rental rate of 93% [1] - Hong Kong Industrial Centre One and Two both reached a rental rate of 93% [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SWIRE PACIFIC LIMITED 太古股份有限公司 (於香港註冊成立的有限公司) (股份代號：00019 及 00087) SWIRE PROPERTIES LIMITED 太古地產有限公司 | 租金調幅 (1) | 主要物業 | 租用率 | 租用面積 | 最新租金 | ( | 2025 | 截至 | 年 | ( | 巿值 | ) | (新簽訂或 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 12 | 月 | 31 | 日止全年 | ) | ( | 20 ...

Group 1 - Swire Properties (01972.HK) experienced a nearly 3% increase in stock price, currently up 2.5% at HKD 23.8 [1] - The trading volume reached HKD 15.33 million [1]