Zhi Tong Cai Jing·2026-01-19 08:41Group 1 - The core view of the report is that Swire Properties (01972) is expected to see a 21% year-on-year increase in shareholders' attributable and a 5% decrease in recurring underlying profit for 2025 [1] - The company is anticipated to show stable and improving operational performance in the second half of 2025 compared to the first half, with the execution speed of its capital recycling plan exceeding expectations [1] - The company is expected to maintain its dividend commitment, with a projected total annual dividend of HKD 1.15 per share, corresponding to a 5% dividend yield [1] Group 2 - The forecast for Swire Properties' recurring underlying profit for 2026 has been raised by 11% to HKD 7.99 billion, indicating a 30% year-on-year growth, reflecting the impact of sales settlements at 6 Deep Water Bay Road [1] - A new forecast for 2027 recurring underlying profit of HKD 7.12 billion has been introduced, representing an 11% year-on-year decline, primarily due to conservative estimates for property development settlements [1] - The property investment segment is expected to achieve growth through natural increases from existing projects and the opening of new projects [1]