Core Viewpoint - Goldman Sachs reported that Swire Properties' net profit for the first half of the year was HKD 8.15 billion, with actual net profit declining by 1% year-on-year to HKD 47 billion, aligning with the bank's expectations and representing 49% of its full-year forecast [1] Financial Performance - The company increased its interim dividend per share to HKD 1.3, which corresponds to a recurring profit of HKD 49 per share after excluding Cathay Pacific, maintaining a payout ratio target of 50-60% [1] Management Outlook - Management expressed cautious optimism regarding business prospects, anticipating continued macroeconomic challenges, but committed to executing long-term strategies and seeking investment opportunities in Hong Kong and the Greater Bay Area [1] Earnings Forecast Adjustment - Following the latest forecasts for Swire Properties and other businesses, Goldman Sachs adjusted its earnings per share predictions for the company from a downward revision of 9% to an upward revision of 3% for the years 2023 to 2027 [1] - The target price for Swire Properties was reduced from HKD 91.6 to HKD 90, while maintaining a "Buy" rating [1]

Core Viewpoint - Citigroup has downgraded HSBC Holdings' 2025 basic earnings per share (EPS) forecast by 4%, primarily due to significant impairment charges in Hong Kong's commercial real estate sector [1] - The EPS estimate was also reduced by 9% due to substantial impairments related to Bank of Communications [1] - Slight downward adjustments of 1% were made to the EPS forecasts for 2026 and 2027 [1] Group 1 - Citigroup's updated pre-tax profit forecast for HSBC remains 5% to 7% higher than market expectations, benefiting from slightly higher net interest income [1] - The forecast for fiscal year 2025 is set at $42.5 billion, compared to market guidance and consensus of approximately $42 billion [1] - Non-interest income is expected to significantly increase due to ongoing growth in Asian wealth management business [1] Group 2 - Citigroup anticipates HSBC's tangible return on equity for 2025 to 2027 to be between 15.5% and 17%, exceeding HSBC's target of 14% to 16% and market expectations of 15% to 15.5% [1] - Following the adjustments to EPS estimates, the target price for HSBC has been slightly reduced from HKD 106.2 to HKD 105.6, while maintaining a "Buy" rating [1]