智通财经网·2025-08-08 02:00Core 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]