智通财经网·2026-02-20 09:00Core Viewpoint - DBS has set a target price of HKD 30.38 for Swire Properties (01972) with a "Buy" rating, highlighting the potential for significant stock price appreciation driven by new retail complexes in Beijing, Shanghai, Sanya, and Xi'an starting this year [1] Group 1: Financial Performance and Projections - The new projects are expected to be important catalysts for Swire Properties' medium to long-term profit and dividend growth, which will drive stock price increases [1] - Following a recent rise in stock price, the current price is at a 50% discount to net asset value (NAV), indicating potential for long-term upward movement [1] Group 2: Operational Insights - Swire Properties has a track record of creating long-term value through the development and management of property complexes [1] - Core operations show signs of improvement, with the office portfolio at Pacific Place demonstrating stability, and retail tenant sales in Hong Kong and mainland China improving, which is expected to support stable rental income [1] Group 3: Recent Transactions - The company announced the sale of two independent houses at the luxury project "6 Deep Water Bay Road" for HKD 2.2 billion, equivalent to HKD 147,000 per square foot, with the transaction expected to complete in the first quarter of this year, likely contributing significant profits to support net profit performance [1]