Core Viewpoint - Kowloon Warehouse Group (00004) reported a significant turnaround in its financial performance for the half-year ending June 30, 2025, with a notable increase in shareholder profit compared to the previous year [1] Financial Performance - Revenue for the period was HKD 5.669 billion, representing a year-on-year decrease of 19.38% [1] - Shareholder profit reached HKD 535 million, a recovery from a loss of HKD 2.637 billion in the same period last year, indicating a successful turnaround [1] - Basic earnings per share were HKD 0.18, and the company proposed an interim dividend of HKD 0.2 per share [1] Investment Property Revenue - Investment property revenue decreased by 4% to HKD 2.281 billion, down from HKD 2.364 billion in 2024 [1] - Operating profit from investment properties fell by 6% to HKD 1.484 billion, compared to HKD 1.573 billion in 2024, attributed to soft rental rates for shopping malls and office buildings [1]

Core Viewpoint - The performance of Swire Properties in 1H25 met market expectations, with a revenue increase of 20% year-on-year to HKD 8.72 billion, while the recurring net profit attributable to shareholders decreased by 4% to HKD 3.42 billion, but increased by 15% to HKD 4.42 billion when considering asset disposal gains [1][2] Financial Performance - Revenue for 1H25 rose by 20% to HKD 8.72 billion - Recurring net profit attributable to shareholders decreased by 4% to HKD 3.42 billion - Basic profit attributable to shareholders increased by 15% to HKD 4.42 billion, aligning with market expectations - Interim dividend declared at HKD 0.35 per share, a 3% increase year-on-year, corresponding to a current dividend yield of 1.66% [1] Operational Highlights - Retail sales in mainland shopping centers improved, with a 1% year-on-year increase in 1H25, compared to a decline of 7% in 1H24 - Notable retail sales growth in Shanghai Taikoo Hui (+14%) and Beijing Sanlitun Taikoo Li (+7%) - Rental income from mainland shopping centers increased by 2% to HKD 2.27 billion in 1H25 - Hong Kong office rental income decreased by 5% to HKD 2.46 billion, with an occupancy rate of 88% [1][2] Asset Disposal and Financial Strategy - The company recorded asset disposal gains of HKD 1 billion in 1H25, primarily from the Miami shopping center and adjacent land, with a total consideration of up to USD 760 million - The net debt ratio remained stable at 15.7% compared to the end of 2024 [2] Investment Plans - The company has a HKD 100 billion investment plan, with HKD 50 billion allocated to the mainland market, of which HKD 46 billion is already earmarked - Upcoming projects include the phased opening of Guangzhou Julong Bay Taikoo Li by the end of 2025, the opening of Sanya Taikoo Li in 2026, and the completion of Xi'an Taikoo Li in 2027 [2] Shareholder Returns and Financial Safety - The company reiterated its guidance for a mid-single-digit annual growth in dividends, supported by asset disposals and residential sales - The company has confirmed or planned asset disposals for the second half of the year, including the Miami site and the sale of the 43rd floor of the Eastern Island Center [2] Earnings Forecast and Valuation - Earnings forecasts remain largely unchanged, with expected recurring net profit for 2025 and 2026 projected to decrease by 5% and increase by 17% to HKD 6.17 billion and HKD 7.20 billion, respectively [2] Rating and Target Price - The company maintains an outperform rating with a target price of HKD 23.8 per share, implying a 30% target NAV discount and a 4.8% target dividend yield for 2025, indicating a 13% upside potential [3]

Core Viewpoint - Citigroup reports that the earnings of Wharf Real Estate Investment Company show resilience, with a flat underlying net profit of HKD 31.19 billion in the first half of the year [1] Financial Performance - Core earnings from investment properties and hotels increased by 3% year-on-year to HKD 31 billion, accounting for 55% of the bank's full-year forecast (52% for the first half of 2024) [1] - The company reported a book loss of HKD 24 billion, primarily due to a fair value loss of HKD 51 billion on investment properties (with a projected fair value loss of HKD 44 billion for the first half of 2024) [1] - The valuation of Harbour City decreased by 1.8%, while Times Square saw a decline of 3.9% [1] Dividend Declaration - The company declared an interim dividend of HKD 0.66 per share, representing a 3% year-on-year increase, with a maintained payout ratio of 65% based on core profits from Hong Kong investment properties and hotels [1] Investment Rating - Citigroup maintains a "Buy" rating on the company, with a target price set at HKD 25 [1]

2025 INTERIM RESULTS | ANALYSTS BRIEFING 7TH AUGUST 2025 DISCLAIMER This presentation has been prepared by Swire Properties Limited (the "Company", together with its subsidiaries, the "Group") solely for information purposes and the information contained herein has not been independently verified. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the accuracy, fairness, completeness, reasonableness or correctness of the information or opinions presented h ...

Core Viewpoint - The company reported stable underlying net profit for the first half of 2025, with a slight decrease in revenue and operating profit compared to the previous year [1] Financial Performance - Underlying net profit for the first half of 2025 was HKD 3.119 billion, compared to HKD 3.123 billion in 2024, translating to earnings per share of HKD 1.03 [1] - Total revenue decreased by 1% to HKD 6.407 billion, while operating profit fell by 5% to HKD 4.684 billion [1] - Investment property revenue decreased by 3% to HKD 5.371 billion, with operating profit down 4% to HKD 4.528 billion [1] - Hotel revenue increased by 2% to HKD 766 million, with operating profit rising to HKD 47 million [1] - Development property revenue was HKD 58 million, resulting in an operating loss of HKD 1 million [1] Dividend Announcement - The first interim dividend declared is HKD 0.66 per share, an increase from HKD 0.64 in 2024, with a total payout of HKD 2.004 billion, representing 65% of the underlying net profit from investment properties and hotels [1] Impairment and Losses - The company recorded a net impairment loss on investment properties of HKD 5.118 billion, leading to a shareholder loss of HKD 2.406 billion for the first half of 2025, compared to a loss of HKD 1.052 billion in 2024 [1] - Basic loss per share was HKD 0.79 [1] Investment Income - Investment operating profit, primarily from dividend income, increased by 2% to HKD 143 million [1]

Group 1 - The core idea of the article is the relaunch of the IP "Panda Ah Le" by CapitaLand, symbolizing the friendship between China and Singapore, coinciding with the 35th anniversary of diplomatic relations between the two countries [1][3] - The IP was co-created with students from Hope Primary School, reflecting CapitaLand's commitment to community engagement and cultural exchange [1] - The upgraded image of "Panda Ah Le" aims to resonate with current consumer market trends and emotional values, focusing on themes of care, friendship, happiness, and connection [3] Group 2 - CapitaLand's activities with "Panda Ah Le" will take place in major Chinese cities such as Beijing, Shanghai, and Chengdu, highlighting the company's strategic approach to engage with local markets [3] - Singapore has been China's largest trading partner for 12 consecutive years, indicating a strong economic relationship that CapitaLand is leveraging through its initiatives [3] - The activities involving "Panda Ah Le" will also extend to CapitaLand's residential projects in cities like Beijing, Chongqing, Guangzhou, Hangzhou, and Wuhan, showcasing the company's extensive market presence [3]

Group 1 - The core concept of the article revolves around the re-launch of the IP "Panda A Le" by CapitaLand, which is set to debut in August 2024 after a year of absence [1] - "Panda A Le" is co-created by CapitaLand in collaboration with students from CapitaLand Hope School, showcasing local characteristics in popular tourist spots in Beijing, Chengdu, and Shanghai [1] Group 2 - The IP's image upgrade is based on CapitaLand's deep insights into current consumer market trends and audience needs, focusing on emotional value as a core element [2] - The emotional expressions of "care, friendliness, happiness, and connection" are strengthened to enrich the personality of "Panda A Le," injecting new vitality into the IP and providing emotional satisfaction to consumers [2]

Core Viewpoint - China State Construction Engineering Corporation (CSCEC) is strategically investing in real estate despite market challenges, indicating a strong belief in the long-term potential of the sector [1][3]. Group 1: Investment and Land Acquisition - CSCEC's subsidiary, China State Construction Second Engineering Bureau, has invested 7.491 billion yuan in a real estate development project in Beijing's urban sub-center [1][3]. - The project covers approximately 112,800 square meters with a total planned construction area of about 261,900 square meters, including residential and office spaces [3]. - The company aims to enhance its influence and brand recognition in the Beijing real estate market through this investment [3]. Group 2: Financial Performance and Business Segments - Real estate development is CSCEC's third-largest business, generating approximately 300 billion yuan in annual revenue with a gross profit margin of around 17% [1][4]. - From 2021 to 2024, the company's real estate revenue showed fluctuations, with 2023 sales reaching 451.4 billion yuan, a 12.4% increase year-on-year, making it the industry leader [4]. - In 2024, the real estate segment's revenue is projected to account for about 14% of total income, contributing 25.4% to gross profit [1][4]. Group 3: Market Strategy and Future Outlook - CSCEC plans to deepen its investment in core cities and regions, focusing on precise investment strategies and enhancing sales efforts [5][8]. - The company has acquired 75 new land parcels, increasing its land reserves to 77.18 million square meters, with all new acquisitions located in first-tier and strong second-tier cities [5][8]. - The real estate business aims to transition into a leading international property development and operation group, emphasizing residential development and quality commercial projects [8]. Group 4: Risk and Resilience - Despite facing challenges from market adjustments, CSCEC's real estate business has demonstrated resilience, with annual profits consistently exceeding 40 billion yuan from 2020 to 2024 [1][9]. - The company reported a 14.88% decline in net profit for 2024, primarily due to increased credit impairment losses, which reached 13.634 billion yuan [9].