Company Insights - Swire Properties (01972) shares increased by nearly 3%, trading at HKD 23.8 with a transaction volume of HKD 15.33 million [1] - CICC's research report predicts that Swire Properties' attributable and recurring underlying profit will grow by 21% and decline by 5% respectively in 2025 [1] - CICC believes that the overall operating conditions of the company's core assets will show a steady improvement in the second half of 2025 compared to the first half, with the execution speed of the capital recycling plan exceeding expectations [1] - The company is expected to maintain its dividend commitment, with an estimated total annual dividend of HKD 1.15 per share, corresponding to a 5% dividend yield [1] Industry Insights - Morgan Stanley suggests that many companies' stock prices have reached or are close to historical highs, indicating that the market has priced in a stable recovery of the Hong Kong property market over the next two years [1] - At this juncture, Morgan Stanley believes that rental stocks have greater potential for upward movement, as improvements in their commercial real estate businesses have not yet been fully reflected in stock prices, with most still 30% lower than peak levels [1] - Morgan Stanley's top picks include Hang Lung Properties and Swire Properties, as both stocks are benefiting from ongoing improvements in retail operations in mainland China [1]

行业层面，小摩认为，考虑到多家公司的股价已达到或接近历史高点，相信市场已消化了香港楼市在未 来两年的稳固复苏。在此关口，小摩认为收租股潜在上行空间更大，因其商业地产业务的改善尚未被完 全反映在股价中，其大多数股价仍比高峰低30%以上。该行首选恒隆地产和太古地产，因该两只股票在 中国内地的零售业务持续改善。 太古地产(01972)涨近3%，截至发稿，涨2.5%，报23.8港元，成交额1533.28万港元。 消息面上，中金研究报告指出，预测太古地产2025年股东应占和经常性基本溢利分别同比增长21%和下 降5%。该行认为相较于2025年上半年，下半年公司核心资产的整体经营情况呈现稳中向好的态势，同 时资本循环计划执行速度超出预期。该行预计在稳健经营的背景下，太古地产将坚定兑现派息承诺，预 测全年累计每股股息为1.15港元，对应5%股息收益率。 ...

Company Insights - Swire Properties (01972) saw a nearly 3% increase in stock price, trading at HKD 23.8 with a transaction volume of HKD 15.33 million [1] - CICC's research report predicts a 21% year-on-year growth in Swire Properties' attributable and recurring underlying profit for 2025, while expecting a 5% decline in the same period [1] - CICC believes that the overall operational performance of the company's core assets will show a steady improvement in the second half of 2025 compared to the first half, with the execution speed of the capital recycling plan exceeding expectations [1] - The company is expected to maintain its dividend commitment, with an estimated total annual dividend of HKD 1.15 per share, corresponding to a 5% dividend yield [1] Industry Insights - Morgan Stanley suggests that many companies' stock prices have reached or are close to historical highs, indicating that the market has priced in a stable recovery of the Hong Kong property market over the next two years [1] - At this juncture, Morgan Stanley believes that rental stocks have greater potential for upward movement, as improvements in commercial real estate operations have not yet been fully reflected in stock prices, with most still 30% below peak levels [1] - Morgan Stanley's top picks include Hang Lung Properties and Swire Properties, as both stocks are benefiting from ongoing improvements in retail operations in mainland China [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01972 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 5,757,484,800 | | 0 | | 5,757,484,800 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 5,757,484,800 | | 0 | | 5,757,484,800 | 足夠公眾持股量的確認(註4) FF301 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 截至月份: | 2026年1月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | ...

Group 1 - The core view of the report is that Swire Properties (01972) is expected to see a 21% year-on-year increase in shareholders' attributable and a 5% decrease in recurring underlying profit for 2025 [1] - The company is anticipated to show stable and improving operational performance in the second half of 2025 compared to the first half, with the execution speed of its capital recycling plan exceeding expectations [1] - The company is expected to maintain its dividend commitment, with a projected total annual dividend of HKD 1.15 per share, corresponding to a 5% dividend yield [1] Group 2 - The forecast for Swire Properties' recurring underlying profit for 2026 has been raised by 11% to HKD 7.99 billion, indicating a 30% year-on-year growth, reflecting the impact of sales settlements at 6 Deep Water Bay Road [1] - A new forecast for 2027 recurring underlying profit of HKD 7.12 billion has been introduced, representing an 11% year-on-year decline, primarily due to conservative estimates for property development settlements [1] - The property investment segment is expected to achieve growth through natural increases from existing projects and the opening of new projects [1]

Group 1 - The core viewpoint of the report is that CICC predicts Swire Properties (01972) will see a 21% year-on-year increase in shareholder attributable and a 5% decrease in recurring basic profit for 2025 [1] - CICC maintains a "outperform" rating for Swire Properties with a target price of HKD 26.5 [1] - The company is expected to fulfill its dividend commitment, with an estimated total annual dividend of HKD 1.15 per share, corresponding to a 5% dividend yield [1] Group 2 - CICC has raised its forecast for Swire Properties' recurring basic profit for 2026 by 11% to HKD 7.99 billion, indicating a 30% year-on-year growth, reflecting the impact of sales settlements at 6 Deep Water Bay Road [1] - For 2027, CICC introduces a recurring basic profit forecast of HKD 7.12 billion, representing an 11% year-on-year decline, primarily due to conservative estimates for property development settlements [1] - The property investment segment is expected to grow due to natural growth from existing projects and the opening of new projects [1]

Core Viewpoint - The company is expected to show a steady improvement in its core asset operations in the second half of 2025, with a projected 21% year-on-year growth in shareholder's attributable/recurring basic profit, despite a 5% decline overall [1] Group 1: Property Investment Performance - The investment property operations are expected to perform steadily, with notable improvement in mainland shopping malls. The basic profit from property investment is projected to slightly decline year-on-year, primarily due to the impact of Hong Kong office business, which is expected to see a rental decline of approximately 5% in the first half of 2025 [1] - Conversely, retail sales and rental income from mainland shopping malls are anticipated to improve in the second half of 2025, with a projected increase of 1% in both retail sales and rental income in the first half of 2025 [1] Group 2: Capital Recycling Plan and Financial Health - The capital recycling plan is progressing smoothly, with the company completing the disposal of non-core assets such as the Miami mall and parking spaces in the first half of 2025. The company is expected to continue successful disposals in the second half of 2025, contributing approximately 2 billion HKD in profits from property disposals for the year [2] - The company maintains a stable balance sheet with a net debt ratio of 15.7% in the first half of 2025, despite ongoing capital expenditures [2] Group 3: Earnings Forecast and Valuation - The company is expected to maintain a steady performance, supporting its long-term dividend policy. The recurring basic profit forecast for 2025 is maintained at 6.17 billion HKD, reflecting a 5% year-on-year decline, while the basic profit is adjusted upward by 12% to 8.17 billion HKD due to better-than-expected asset disposal progress [2] - The 2026 recurring basic profit forecast is raised by 11% to 7.99 billion HKD, reflecting the impact of sales settlements, while a new forecast for 2027 is introduced at 7.12 billion HKD, indicating a cautious estimate for property development settlements [2] - The company aims to maintain a long-term policy of increasing dividends at a mid-single-digit rate annually, with a projected dividend yield of 5.0% for 2025 [2]

Group 1 - The meeting between Guangzhou's Mayor Sun Zhiyang and Swire Properties' CEO, Pang Guobang, emphasizes the importance of collaboration for urban development and economic growth in Guangzhou [2] - Guangzhou is focusing on expanding domestic demand, enhancing consumption supply, and promoting high-quality urban renewal and village transformation, aiming to become a more livable and internationally recognized metropolis [2] - Swire Properties is recognized as a leading global commercial real estate company, aligning its development philosophy and core business with Guangzhou's urban functional positioning [2] Group 2 - The Mayor expressed hope for further strengthening cooperation with Swire Properties in areas such as commercial real estate development, urban renewal, and consumer experience cultivation [2] - Pang Guobang acknowledged the support from Guangzhou and expressed confidence in the city's future development potential, committing to enhance investment and introduce more quality international brands and unique experiential projects [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | Swire Properties Limited 太古地產有限公司 | | | 呈交日期: | 2026年1月2日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | Swire Properties Limited 太古地產有限公司並無法定股本，及其股本並無股份面值。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01972 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數 ...

Core Viewpoint - Swire Properties is undergoing significant management changes, indicating a strategic focus on enhancing its operations in mainland China, particularly in the retail sector, which has shown stronger performance compared to its office business [7]. Group 1: Management Appointments - David Poraj-Wilczynski has been appointed as the CEO for mainland China, bringing extensive leadership experience from various sectors including marine and real estate [1][2]. - Jessica Huang has been promoted to Vice Chairman of Swire Properties, overseeing digital transformation efforts in Hong Kong and mainland China, after successfully managing the Guangzhou Taikoo Hui [4]. - Mark Wang, previously the General Manager of Beijing Taikoo Li, will take over as the General Manager of Guangzhou Taikoo Hui [4]. - Guy Moore has been appointed General Manager of Beijing Taikoo Li, with a focus on the expansion of the project set to be completed in phases by 2026 [5]. - Chen Xiaoying has been appointed General Manager of Swire Properties' residential business in mainland China, while continuing her role in investment development for North China [6]. Group 2: Retail Performance - Swire Properties' retail sales in Hong Kong have shown modest growth, with Taikoo Place shopping mall sales increasing by 3.6% year-on-year as of September [7]. - In contrast, the mainland retail market has demonstrated significant growth, with Shanghai Xinye Taikoo Hui sales up by 41.9% and a rental rate of 95% [7]. - Other notable sales increases include Beijing Sanlitun Taikoo Li at 7.8%, Shanghai Qiantan Taikoo Li at 5.6%, and Chengdu Taikoo Li at 2.4% [7]. Group 3: Investment Plans - Swire Properties has committed to a strategic investment plan of HKD 100 billion over ten years, with half of this amount allocated to mainland China [7]. - As of the mid-year financial report, 67% of the investment plan has been committed, with 92% of the HKD 50 billion earmarked for mainland projects already secured [8].