Ge Long Hui·2025-08-08 05:33Core Viewpoint - Swire Properties reported better-than-expected performance in the first half of the year, driven by sales revenue and U.S. tax credits [1] Group 1: Financial Performance - The leasing inquiries for office spaces increased by 30% due to the recovery of the Hong Kong capital market [1] - Retail sales also experienced accelerated growth during the same period [1] Group 2: Management and Future Outlook - The retirement of the Chief Financial Officer next year is not expected to impact operations [1] - Although the company has not announced a second round of share buybacks, the improved fundamentals, strong property sales, and completion of investment properties are anticipated to accelerate profit growth and support the stock price [1] Group 3: Earnings Forecast and Target Price - Earnings forecasts for 2025 to 2027 have been adjusted: up by 6.9%, down by 0.3%, and up by 1.1% respectively, reflecting changes in asset disposal and delivery progress [1] - The target price has been raised from HKD 18.3 to HKD 22.2, maintaining an "outperform" rating [1]