花旗预计，2026年，中环(利好香港置地及恒基地产(00012))和西九龙(利好新鸿基地产(00016))的写字楼 表现将优于其他区域，料明年底，中环主要业主(如香港置地、恒基地产收益)的租金可能趋于平稳;又认 为西九龙即将推出的优质新供应例如IGC，在争夺需求方面可能具有竞争力，租金水平与港岛东区大致 相当，并利好新鸿基地产。考虑到整体新增供应量创历史新高，花旗预计铜锣湾的竞争将更为激烈，希 慎兴业(00014)的利园项目可能表现较好，而港岛东如太古地产(01972)的太古城中心及东九龙将面临一 定压力。 花旗预计，中资企业对写字楼的需求，将继续为香港写字楼市场提供支持，驱动因素包括：更多中国科 企巨头及其他行业龙头企业或效仿阿里巴巴-W(09988)及京东的做法，考虑购置香港写字楼物业;越来越 多的A股公司在港双重上市，并在香港设立区域总部或研发中心;香港于10月启动出海专班GoGlobal Task Force，协助内地企业拓展国际市场。 花旗又观察到，香港的写字楼出售主要为换取即时现金流入、优化投资组合，特别是对于一些区域性业 主，因除香港外，他们会考虑其他地区(如新加坡、澳洲)的商业物业增长前景;或 ...

Group 1 - The core viewpoint of the report is that the company maintains its earnings forecast for Swire Properties (01972) and continues to rate it as outperforming the industry with a target price of HKD 23.8, reflecting a 30% discount to NAV, a 4.8% dividend yield for 2025, and a 10% upside potential [1] - The company is trading at a 36% discount to NAV and offers dividend yields of 5.3% and 5.5% for 2025 and 2026, respectively [1] - The company adopts a dividend policy of single-digit annual growth in DPS, and it is suggested to monitor the progress of property sales collections and asset disposals to support dividend payouts [1] Group 2 - Retail sales in mainland luxury shopping centers have shown a significant year-on-year increase, with notable projects like Shanghai Xinyi Swire and Beijing Sanlitun Taikoo Li recording retail sales growth of 42%, 8%, and 6% respectively for the first three quarters [2] - The company is benefiting as a consolidator in the mainland luxury market, with the effects of luxury brand store expansions and renovations becoming increasingly evident [2] - New projects such as Guangzhou Julong Bay Taikoo Li, Sanya Taikoo Li, and Xi'an Taikoo Li are under construction and are expected to open in 2025, 2026, and 2027 respectively [2] Group 3 - The rental rate for office buildings in Hong Kong remains resilient, with the company's office portfolio maintaining a high occupancy rate of 92% in Q3 2025, an increase of 1 percentage point quarter-on-quarter [3] - The demand for expansion from key tenants, such as FWD Hong Kong leasing 330,000 square feet in Taikoo Place for a 10-year lease, supports this stable occupancy rate [3] - Average rental adjustments for the company's office buildings in the first three quarters of 2025 have decreased by 13% to 15%, as the company prioritizes maintaining occupancy rates and long-term tenant relationships [3] Group 4 - Retail sales in Hong Kong's luxury and mass-market properties have shown a quarterly recovery, with Taikoo Place and Taikoo Shing recording year-on-year sales growth of 3.6% and 3.0% respectively for the first three quarters of 2025 [4] - This performance outperforms the overall Hong Kong retail sector, which saw a year-on-year decline of 1.0% [4] - The recovery is attributed to the low base effect and the company's active marketing efforts to attract a diverse and younger customer base [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 SWIRE PACIFIC LIMITED 太古股份有限公司 (於香港註冊成立的有限公司) (股份代號：00019 及 00087) SWIRE PROPERTIES LIMITED 太古地產有限公司 (於香港註冊成立的有限公司) (股份代號：01972) 公告 太古地產有限公司 二零二五年第三季度 營運數據滙報 本滙報載述太古地產有限公司二零二五年第三季度若干營運數據資料。有關資料 乃根據內部管理紀錄編製，並未經外聘核數師審核或審閱。 1. 已落成投資物業 辦公樓物業 | 租金調幅 (1) | 主要物業 | 租用率 | 租用面積 | 最新租金 | ( | 2025 | 截至 | 年 | ( | 巿值 | ) | (新簽訂或 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Core Viewpoint - Swire Properties reported a 15% year-on-year increase in basic profit to HKD 4.42 billion for the first half of 2025, despite a 4% decrease in recurring profit attributable to shareholders due to declining rental income from office properties in Hong Kong [2][3] Group 1: Financial Performance - Basic profit for the first half of 2025 increased by 15% to HKD 4.42 billion [2] - Recurring profit attributable to shareholders decreased by 4% from HKD 3.57 billion in the first half of 2024 to HKD 3.42 billion in the first half of 2025 [2] - Total rental income from office properties in Hong Kong fell by 5% to HKD 2.455 billion [3] Group 2: Market Conditions - The Hong Kong office market is expected to remain sluggish in the second half of the year due to intense competition and unstable demand growth [3] - The overall occupancy rate of Swire Properties' office portfolio in Hong Kong is 88% [3] - Retail properties in Hong Kong showed a slight decline in rental income, down 2% to approximately HKD 1.169 billion, while the occupancy rate for major shopping centers reached 100% [3] Group 3: Strategic Focus - Swire Properties continues to focus on its HKD 100 billion investment plan, with 67% of the funds already committed [4] - The company has made significant progress in its investment in mainland China, with 92% of the planned HKD 50 billion investment already implemented [4] - Future projects include expanding residential properties in Hong Kong and increasing total floor area in mainland China [5]

Core Viewpoint - The company reported strong retail performance in its shopping centers, with most locations showing year-on-year growth in retail sales for the first half of 2025, indicating a robust recovery in the retail sector [1][2]. Group 1: Retail Performance - Shanghai Xinyi Taikoo Hui saw a retail sales increase of 13.5% year-on-year, while Beijing Sanlitun Taikoo Li grew by 6.8% [1]. - Chengdu Taikoo Li and Shanghai Qiantan Taikoo Li reported retail sales growth of 4% and 0.2% respectively, with Beijing Yiti Port remaining flat and Guangzhou Taikoo Hui declining by 2.1%, a significant improvement from a 10.7% decline in 2024 [1]. - The overall trend indicates that major shopping centers are benefiting from the continued entry of luxury brands, which is expected to further enhance retail sales and rental income in the coming years [1]. Group 2: Hong Kong Market Insights - Hong Kong shopping centers maintained full occupancy with a slight improvement in retail sales growth, contrasting with street shops affected by tourist spending [2]. - Taikoo Place, Taikoo City Centre, and Cityplaza reported retail sales growth of 1.4%, 2%, and a decline of 3.3% respectively, with a consistent 100% occupancy rate for six consecutive quarters [2]. - The Hong Kong office market remains under pressure due to historical rent reductions, with new supply continuing to impact rental rates, although new lease rates have not seen significant declines [2]. Group 3: Investment Outlook - The company’s assets are primarily located in prime shopping districts, providing a strong competitive advantage and operational capabilities that enhance project performance [2]. - Projected net profit growth for the company is estimated at 449%, 54%, and 37% for 2025 to 2027, with dividends expected to grow at 5% annually [2]. - The current estimated net present value per share is HKD 23.92, with a projected dividend yield of 5.6% for 2025, maintaining a "recommended" rating [2].

Group 1: Company Performance - The company reported Q1 retail sales growth in its mainland shopping centers, with Shanghai Xinya Taikoo Hui, Beijing Sanlitun Taikoo Li, and Shanghai Qiantan Taikoo Li showing increases of 10.1%, 6%, and 1.5% year-on-year respectively [1] - Retail sales in Chengdu Taikoo Li, Guangzhou Taikoo Hui, and Beijing Yintai Center declined by 2.9%, 2.5%, and 0.4% year-on-year, but the decline was significantly narrower compared to 2024 [1] - The improvement in retail sales is attributed to the introduction of more luxury brands following renovations completed at the beginning of 2025, particularly benefiting Shanghai Xinya Taikoo Hui [1] Group 2: Market Trends - Hong Kong shopping centers maintained full occupancy with a slight improvement in retail sales growth, with Taikoo City Centre, Taikoo Place, and Citygate Outlets showing year-on-year growth rates of +2.9%, -5%, and -5.8% respectively [2] - The overall rental rate for Hong Kong office buildings remained under pressure due to market oversupply, with a Q1 occupancy rate of 89%, consistent with the end of 2024 [2] - In mainland office projects, Guangzhou Taikoo Hui and Beijing Yintai Center saw occupancy rates increase by 1 percentage point to 91% and 84% respectively, while Shanghai Xinya Taikoo Hui's rate decreased by 2 percentage points to 94% [2] Group 3: Investment Outlook - The company is characterized as a commercial real estate firm that generates stable cash flow through holding assets with a competitive edge [3] - Q1 performance in mainland shopping centers aligns with expectations, driven by the company's strong leasing and renovation capabilities [3] - Projected net profit growth for the company is 449%, 54%, and 37% for the years 2025 to 2027, with a consistent annual dividend growth of 5% [3]

Investment Rating - The report maintains a "Recommended" rating for Swire Properties (1972.HK) with a target price of HKD 21.55 [2][8]. Core Insights - The company's Q1 performance met expectations, with improvements in the operation of shopping centers in mainland China. Retail sales in key locations such as Shanghai and Beijing showed positive growth, while declines in other areas were significantly reduced compared to 2024 [2][8]. - The report highlights the strong competitive advantage of Swire Properties due to its prime location shopping centers and robust leasing capabilities, which are expected to drive rental income growth in the coming years [8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are HKD 14,428 million, HKD 14,616 million, HKD 14,995 million, and HKD 18,638 million respectively, with growth rates of -2.1%, 1.3%, 2.6%, and 24.3% [4]. - The net profit attributable to shareholders is forecasted to be -HKD 766 million in 2024, increasing to HKD 2,676 million in 2025, HKD 4,132 million in 2026, and HKD 5,671 million in 2027, with growth rates of -129.0%, 449.3%, 54.4%, and 37.2% respectively [4]. - Earnings per share (EPS) are projected to be -HKD 0.13 in 2024, HKD 0.46 in 2025, HKD 0.72 in 2026, and HKD 0.98 in 2027 [4]. Market Performance - The report notes that Swire Properties' shopping centers in Hong Kong maintained full occupancy, with slight improvements in retail sales growth compared to the previous year [8]. - The overall rental market for office spaces in Hong Kong remains under pressure due to oversupply, with an occupancy rate of 89% in Q1 [8]. Investment Recommendation - Swire Properties is characterized as a commercial real estate company that generates stable cash flow through holding assets with a competitive moat. The expected growth in net profit and consistent dividend growth of 5% annually supports the investment thesis [8].

Group 1 - Morgan Stanley maintains a target price of HKD 16 for Swire Properties and a "Market Perform" rating [1] - In Q1 2025, rental performance for Swire Properties in Hong Kong showed flat rental rates for Taikoo Place, with a rental adjustment rate of -16% year-on-year [1] - Retail performance in Hong Kong for Q1 2025 indicated a 5% year-on-year decrease in retail sales at Taikoo Place and a 5.8% decrease at Cityplaza, while Taikoo City Centre saw a 2.9% increase [1] Group 2 - In mainland China, all six retail malls recorded quarter-on-quarter improvements in retail sales for Q1 2025 [1] - Positive growth was observed in Shanghai and Beijing, while Guangzhou and Chengdu experienced declines [1]

Financial Performance - The company reported a profit of HK$7980 million for FY 2022 [9], a 12% increase compared to FY 2021's HK$7112 million [9] - Recurring profit for FY 2022 was HK$7176 million [9], a 9% decrease from FY 2021's HK$7143 million [9] - Underlying profit decreased by 1% to HK$8706 million in FY 2022 [9], compared to HK$9532 million in FY 2021 [9] - The company is aiming for mid-single-digit dividend growth [9], with a full year dividend per share of HK$1.00 [9], a 5% increase from HK$0.95 in 2021 [9] Portfolio Performance - Hong Kong office portfolio maintained a resilient performance with 96% overall occupancy [9] - Hong Kong retail portfolio is recovering, with almost fully let occupancy [9] - Chinese Mainland retail portfolio saw a 5% increase in attributable retail gross rental [9] - Chinese Mainland office portfolio demonstrated robust performance with overall occupancy between 94% and 99% [9] Investments and Developments - The company has committed close to 40% of its HK$100 billion investment plan [11] - The company expects 8.2 million sq ft of attributable GFA to be completed from 2023 onwards [19] - The company acquired the remaining 50% interest in Sino-Ocean Taikoo Li Chengdu for RMB 5.6 billion [34]

2022 INTERIM RESULTS | ANALYST BRIEFING 11TH AUGUST 2022 DISCLAIMER This presentation has been prepared by Swire Properties Limited (the "Company", and together with its subsidiaries, the "Group") solely for information purposes and certain information 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 herein or ...