Core Viewpoint - The performance of Swire Properties in 1H25 met market expectations, with a revenue increase of 20% year-on-year to HKD 8.72 billion, while the recurring net profit attributable to shareholders decreased by 4% to HKD 3.42 billion, but increased by 15% to HKD 4.42 billion when considering asset disposal gains [1][2] Financial Performance - Revenue for 1H25 rose by 20% to HKD 8.72 billion - Recurring net profit attributable to shareholders decreased by 4% to HKD 3.42 billion - Basic profit attributable to shareholders increased by 15% to HKD 4.42 billion, aligning with market expectations - Interim dividend declared at HKD 0.35 per share, a 3% increase year-on-year, corresponding to a current dividend yield of 1.66% [1] Operational Highlights - Retail sales in mainland shopping centers improved, with a 1% year-on-year increase in 1H25, compared to a decline of 7% in 1H24 - Notable retail sales growth in Shanghai Taikoo Hui (+14%) and Beijing Sanlitun Taikoo Li (+7%) - Rental income from mainland shopping centers increased by 2% to HKD 2.27 billion in 1H25 - Hong Kong office rental income decreased by 5% to HKD 2.46 billion, with an occupancy rate of 88% [1][2] Asset Disposal and Financial Strategy - The company recorded asset disposal gains of HKD 1 billion in 1H25, primarily from the Miami shopping center and adjacent land, with a total consideration of up to USD 760 million - The net debt ratio remained stable at 15.7% compared to the end of 2024 [2] Investment Plans - The company has a HKD 100 billion investment plan, with HKD 50 billion allocated to the mainland market, of which HKD 46 billion is already earmarked - Upcoming projects include the phased opening of Guangzhou Julong Bay Taikoo Li by the end of 2025, the opening of Sanya Taikoo Li in 2026, and the completion of Xi'an Taikoo Li in 2027 [2] Shareholder Returns and Financial Safety - The company reiterated its guidance for a mid-single-digit annual growth in dividends, supported by asset disposals and residential sales - The company has confirmed or planned asset disposals for the second half of the year, including the Miami site and the sale of the 43rd floor of the Eastern Island Center [2] Earnings Forecast and Valuation - Earnings forecasts remain largely unchanged, with expected recurring net profit for 2025 and 2026 projected to decrease by 5% and increase by 17% to HKD 6.17 billion and HKD 7.20 billion, respectively [2] Rating and Target Price - The company maintains an outperform rating with a target price of HKD 23.8 per share, implying a 30% target NAV discount and a 4.8% target dividend yield for 2025, indicating a 13% upside potential [3]

该行指，虽然公司未有公布第二轮股份回购计划，但认为基本面改善，加上强劲的物业销售及投资物业 竣工，将加速盈利增长并支持股价。该行将其2025至27年盈利预测分别上调6.9%、下调0.3%及上调 1.1%，以反映资产处置及交付进度变化。 里昂发布研报称，太古地产(01972)上半年业好过预期，基于出售收益及美国税务抵免。受惠于香港资 本市场复苏等因素，上半年写字楼租赁查询量升30%，中港零售销售亦加速增长。该行认为明年首席财 务官退休应不会影响营运。目标价由18.3港元上调至22.2港元，维持"跑赢大市"评级。 ...

Group 1: Financial Performance - Swire Properties reported a revenue of HKD 87.23 billion for the first half of 2025, a 20% increase year-on-year, but recorded a loss attributable to shareholders of HKD 12.02 billion, marking the first mid-year loss since 2010 [1][3] - The basic profit increased by 15% to HKD 44.2 billion, with basic earnings per share at HKD 0.76, primarily driven by the sale of assets related to the Miami Brickell City Centre [1][3] - The recurring basic profit attributable to shareholders decreased by 4% from HKD 35.7 billion in the first half of 2024 to HKD 34.2 billion in 2025, reflecting a decline in rental income from office properties in Hong Kong [1][3] Group 2: Property Valuation and Market Conditions - The key factor contributing to the loss was a significant decline in the fair value of investment properties, which recorded a loss of HKD 46.8 billion in the first half of 2025, compared to a gain of HKD 8.79 billion in the same period of 2024 [3] - The rental income from office properties in Hong Kong fell by 4.7% to HKD 26.36 billion, with an overall occupancy rate of 88% as of June 30 [3][5] - The overall vacancy rate in the Hong Kong office market increased to 13.6%, with Central Grade A office rents down nearly 45% from the peak in 2019 [5] Group 3: Retail Performance - The retail market in mainland China showed strong performance, with rental income increasing by 2% to HKD 22.72 billion, and retail sales in mainland properties growing by 1% year-on-year [6] - Swire Properties reported that its retail properties in Hong Kong experienced a slight decline in rental income of 2%, but achieved a 100% occupancy rate in key shopping centers [5][6] Group 4: Investment Strategy - The company continues to execute its HKD 100 billion investment plan over the next decade, focusing on core markets including mainland China, Hong Kong, and Southeast Asia [7][8] - As of now, 67% of the planned investment has been allocated, with significant projects in cities like Xi'an, Sanya, and Shanghai [8] - The company aims to double its total built area in mainland China and Hong Kong by 2032, with ongoing developments in six operational shopping centers [8][9]

Core Viewpoint - Swire Properties reported better-than-expected performance in the first half of the year, driven by sales revenue and U.S. tax credits [1] Group 1: Financial Performance - The leasing inquiries for office spaces increased by 30% due to the recovery of the Hong Kong capital market [1] - Retail sales also experienced accelerated growth during the same period [1] Group 2: Management and Future Outlook - The retirement of the Chief Financial Officer next year is not expected to impact operations [1] - Although the company has not announced a second round of share buybacks, the improved fundamentals, strong property sales, and completion of investment properties are anticipated to accelerate profit growth and support the stock price [1] Group 3: Earnings Forecast and Target Price - Earnings forecasts for 2025 to 2027 have been adjusted: up by 6.9%, down by 0.3%, and up by 1.1% respectively, reflecting changes in asset disposal and delivery progress [1] - The target price has been raised from HKD 18.3 to HKD 22.2, maintaining an "outperform" rating [1]

Group 1 - Citi has a positive outlook on Swire Properties, citing its commitment to annual mid-single-digit dividend growth [1] - Despite no new buyback plans, Swire Properties is utilizing revolving capital for capital expenditures to manage debt, indicating long-term value potential with a return on equity of 2.7% compared to a financing cost of 3.6% [1] - The company is prioritizing the execution of a HKD 100 billion investment plan, of which 67% has already been deployed [1] Group 2 - Citi maintains a "Buy" rating on Swire Properties based on a 5.6% yield and visible investment property pipeline [1] - The target price for Swire Properties has been raised from HKD 22.2 to HKD 23.8, maintaining a 55% discount to net asset value (NAV) per share [1]

Core Viewpoint - UBS research report indicates that Swire Properties' recurring underlying profit for the first half of the year decreased by 4% year-on-year to HKD 3.4 billion, in line with expectations [1] Financial Performance - The company raised its interim dividend by 3% to HKD 0.35 per share and maintained its target for single-digit growth in dividends per share [1] - UBS expects the momentum in asset recovery to continue in the short term, primarily due to the strong pre-sale performance of the Miami South Brickell Key project and the disposal of the Tsing Yi Industrial Building, which generated HKD 750 million [1] Future Projects - Swire Properties plans to launch sales for the Chai Wan residential project (expected to generate HKD 8.5 billion) and the Deep Water Bay luxury project (expected to generate HKD 1.3 billion) [1] Valuation - The report highlights that Swire Properties currently has an attractive valuation with a dividend yield of 5.5% and a price-to-book ratio (PB) of 0.44, leading to a "Buy" rating with a target price of HKD 23 [1]

Core Viewpoint - Swire Properties (1972.HK) reported strong mid-year results for 2025, with revenue of HKD 87.23 billion, a 20% year-on-year increase, and a net profit attributable to shareholders of HKD 44.2 billion, up 15% [1] Group 1: Financial Performance - The company achieved a basic earnings per share of HKD 0.76 and declared an interim dividend of HKD 0.35 per share [1] - Despite a 4% decrease in recurring net profit attributable to shareholders, from HKD 35.7 billion in the first half of 2024 to HKD 34.2 billion in the first half of 2025, the overall performance remained robust [1] Group 2: Market Conditions - The retail market in Hong Kong showed weakness due to increased outbound tourism, changing consumer habits, and economic uncertainty from U.S. tariff policies [1] - However, Swire Properties' shopping malls maintained high occupancy rates, with retail sales rebounding in the second quarter, outperforming the market [1] Group 3: Mainland China Operations - In mainland China, government measures and policy relaxations positively impacted retail sales, with notable occupancy rates and sales growth in key locations: - Beijing Sanlitun Taikoo Li: 99% occupancy, 6.8% sales growth - Shanghai Xinyi Taikoo Hui: 94% occupancy, 13.5% sales growth - Shanghai Qiantan Taikoo Li: 98% occupancy, 4.0% sales growth [2] - Swire Properties has committed to investing HKD 100 billion over the next decade in core markets, with 50% allocated for mainland investments [2] Group 4: New Projects and Developments - The company is set to commence construction on the largest Taikoo Li project in Xi'an in November 2023, aiming for completion in 2027 [3] - The Taikoo Place project in Beijing is expected to start completion in mid-2026, focusing on sustainability and community development [3] - Swire Properties acquired stakes in two companies from Lujiazui Group for HKD 9.70997 billion to develop new landmark projects in Shanghai [3] - The company is also advancing projects in the Greater Bay Area, including the expansion of Guangzhou Taikoo Hui and the first Taikoo Li project in Liwan District [4]

瑞银发表研究报告指，太古地产上半年经常性基本溢利按年跌4%至为34亿港元，符合该行预期。集团 提高中期息3%至0.35港元，并重申目标是每股派息有中单位数按年增长。净负债比率为15.7%，与上半 年持平。 该行预期资产回收势头将于短期内持续，因迈阿密发展项目South Brickell Key项目的预售表现强劲，截 至5月销售额已达10亿美元，加上集团处置青衣工业大厦获7.5亿港元。此外，集团将推出柴湾住宅及深 水湾豪宅项目销售，该行料分别涉85亿及13亿港元。该行指，股份现时仍可提供5.5%股息率，市账率 (PB)0.44倍，估值具吸引力，目标价为23港元，评级"买入"。 ...

Core Viewpoint - Citic Lyon has raised the target price for Swire Properties (01972) by 21.3%, from HKD 18.3 to HKD 22.2, while maintaining a "Buy" rating [1] Group 1: Financial Performance - Swire Properties' performance in the first half of 2025 exceeded expectations, benefiting from the sale of U.S. assets and U.S. tax credits [1] - The company has not yet announced a second round of share buybacks, but Citic Lyon believes that improvements in fundamentals, strong property sales bookings, and the completion of investment properties can accelerate profit growth and support the stock price [1] Group 2: Earnings Forecast - Based on the aforementioned factors, Citic Lyon has increased its earnings forecasts for the company by 6.9% for 2025 and 1.1% for 2027, while slightly decreasing the 2026 earnings forecast by 0.3% to reflect changes in sales and delivery plans [1]

Group 1 - The core viewpoint of the report is that Citic Securities has raised the target price for Swire Properties (01972) by 21.3%, from HKD 18.3 to HKD 22.2, while maintaining a "Buy" rating [1] - The improvement in Swire Properties' fundamentals, strong real estate sales bookings, and the completion of investment properties are expected to accelerate profit growth and support the stock price [1] - Citic Securities has adjusted its earnings forecasts for Swire Properties, increasing the 2025 and 2027 earnings estimates by 6.9% and 1.1% respectively, while slightly decreasing the 2026 earnings forecast by 0.3% to reflect changes in asset sales and delivery plans [1]