Ge Long Hui·2025-08-15 05:03Core Viewpoint - UBS's research report indicates that Swire Properties could explore the establishment of a private Real Estate Investment Trust (REIT), which may open new channels for asset recycling and positively influence investor perception of the company [1] Group 1: Financial Metrics - UBS has narrowed the discount to net asset value (NAV) from 50% to 45% and raised the target price from HKD 23 to HKD 26.1, maintaining a "Buy" rating [1] - The earnings forecast for 2025 to 2027 has been increased by 1% to 2% to reflect the appreciation of the Renminbi [1] Group 2: Asset Management - Since 2018, Swire Properties has disposed of assets totaling HKD 58 billion, which is approximately 4.8% of the company's current market capitalization of about HKD 121 billion, demonstrating strong capital recycling capabilities [1] - The company has committed to an investment plan of HKD 100 billion, with approximately 67% already invested, indicating ongoing development potential for new projects in Shenzhen Futian and Hong Kong Admiralty [1]