SWIRE PACIFIC A(HK:00019) Ge Long Hui·2025-08-08 03:56Core Viewpoint - UBS reported that Swire Properties' recurring underlying profit for the first half was HKD 4.7 billion, a year-on-year decline of 1%, which was 12% below the bank's expectations, primarily due to lower-than-expected contributions from Cathay Pacific [1] Group 1: Financial Performance - The group's interim dividend was HKD 1.3, representing a year-on-year increase of 4%, which was generally in line with expectations [1] - The company has adjusted its earnings forecasts for 2025 to 2027 down by 1% to 5% to reflect revisions in earnings estimates for Cathay Pacific, HAECO, and beverage businesses [1] Group 2: Management Strategy - Management reiterated a focus on long-term strategic investments and a gradual dividend policy rather than stock buybacks; future buybacks will depend on share price, debt ratios, and market conditions [1] Group 3: Target Price and Rating - UBS slightly lowered the target price for Swire Properties from HKD 75 to HKD 74, maintaining a "Neutral" rating [1]