星展：予太古地产目标价30.38港元 评级“买入”

Core Viewpoint - DBS has set a target price of HKD 30.38 for Swire Properties (01972) and rated it as "Buy" due to the anticipated launch of new retail complexes in Beijing, Shanghai, Sanya, and Xi'an starting this year, which are expected to be significant catalysts for medium to long-term profit and dividend growth, driving the stock price upward [1][5]. Group 1 - The new retail complexes are projected to contribute to Swire Properties' medium to long-term profit and dividend growth, serving as important catalysts for stock price appreciation [1][5]. - Following a recent increase in stock price, Swire Properties is currently trading at a 50% discount to its net asset value (NAV), indicating potential for long-term price appreciation [1][5]. - Swire Properties has a track record of creating long-term value through the development and management of property complexes [1][5]. Group 2 - The report indicates signs of improvement in Swire Properties' core operations, with stable performance in the office portfolio at Pacific Place, complemented by improved sales momentum from retail tenants in Hong Kong and mainland China, which is expected to support stable rental income [1][5]. - The company announced the sale of two luxury houses at 6 Deep Water Bay Road for HKD 2.2 billion, equivalent to HKD 147,000 per square foot, with the transaction expected to be completed in the first quarter of this year, likely contributing significant profits to support net profit performance [1][5].