Ge Long Hui·2025-08-07 06:49Core Viewpoint - Citigroup's research report indicates that Swire Properties (1972.HK) reported a 15% increase in basic profit to HKD 4.42 billion for the first half of the year, while recurring basic profit decreased by 4% to HKD 3.42 billion, achieving 55% of the bank's annual forecast, which is better than expected [1] Financial Performance - Basic profit increased by 15% to HKD 4.42 billion [1] - Recurring basic profit decreased by 4% to HKD 3.42 billion [1] - The interim dividend declared was HKD 0.35, representing a 3% year-on-year growth, aligning with the company's target of single-digit growth in dividends [1] - The payout ratio based on basic profit stands at 52% [1] Market Expectations - The report notes that Swire Properties did not announce any new buyback plans during the period, which may lead to an initial negative reaction in the stock price [1] - The market is expected to focus on Swire Properties' latest rental outlook, commercial property pipeline, and financial management during the upcoming earnings briefing [1] - Citigroup has set a target price of HKD 22.2 for Swire Properties, maintaining a "Buy" rating [1]