SWIRE PACIFIC A(HK:00019) Zhi Tong Cai Jing·2025-08-08 03:58Core Viewpoint - UBS reports that Swire Properties (00019) has a mid-term recurring core profit of HKD 4.7 billion, a year-on-year decline of 1%, which is 12% below the bank's expectations, primarily due to lower-than-expected contributions from Cathay Pacific (00293) [1] Financial Performance - The group's mid-term dividend is HKD 1.3, a year-on-year increase of 4%, which is generally in line with expectations [1] - The company has adjusted its earnings forecasts for 2025 to 2027 down by 1% to 5% to reflect changes in earnings estimates for Cathay Pacific, HAECO, and the beverage business [1] Management Strategy - Management reiterated that they prioritize long-term strategic investments and gradual dividends over stock buybacks [1] - Future stock buybacks will depend on share price, debt ratios, and market conditions [1] Target Price and Rating - UBS has slightly lowered the target price for Swire Properties from HKD 75 to HKD 74, maintaining a "Neutral" rating [1]