瑞银：维持太古地产“买入”评级 目标价23港元

Core Viewpoint - UBS research report indicates that Swire Properties' recurring underlying profit for the first half of the year decreased by 4% year-on-year to HKD 3.4 billion, in line with expectations [1] Financial Performance - The company raised its interim dividend by 3% to HKD 0.35 per share and maintained its target for single-digit growth in dividends per share [1] - UBS expects the momentum in asset recovery to continue in the short term, primarily due to the strong pre-sale performance of the Miami South Brickell Key project and the disposal of the Tsing Yi Industrial Building, which generated HKD 750 million [1] Future Projects - Swire Properties plans to launch sales for the Chai Wan residential project (expected to generate HKD 8.5 billion) and the Deep Water Bay luxury project (expected to generate HKD 1.3 billion) [1] Valuation - The report highlights that Swire Properties currently has an attractive valuation with a dividend yield of 5.5% and a price-to-book ratio (PB) of 0.44, leading to a "Buy" rating with a target price of HKD 23 [1]