SWIRE PACIFIC A(HK:00019) Ge Long Hui·2025-08-08 02:17Core Viewpoint - Morgan Stanley's research report indicates that Swire Properties A's interim ordinary share dividend increased by 4% year-on-year to HKD 1.3, aligning with the bank's expectations, making it one of the few companies in their coverage to raise dividends [1] Financial Performance - Swire Properties A's recurring underlying profit was HKD 4.7 billion, representing a 1% year-on-year decline, which was below Morgan Stanley's estimates due to lower operating profit margins from intellectual property and reduced contributions from joint ventures and associates [1] Investment Rating - Morgan Stanley maintains a "Market Perform" rating on Swire Properties A with a target price of HKD 71, suggesting that the current price corresponds to a projected price-to-earnings ratio of 9 times for 2025, with a dividend yield of 5.2% [1]