Core Viewpoint - UBS research report indicates that Swire Properties' recurring underlying profit for the first half of the year decreased by 4% year-on-year to HKD 3.4 billion, in line with expectations [1] Financial Performance - The company raised its interim dividend by 3% to HKD 0.35 per share and maintained its target for single-digit growth in dividends per share [1] - UBS expects the momentum in asset recovery to continue in the short term, primarily due to the strong pre-sale performance of the Miami South Brickell Key project and the disposal of the Tsing Yi Industrial Building, which generated HKD 750 million [1] Future Projects - Swire Properties plans to launch sales for the Chai Wan residential project (expected to generate HKD 8.5 billion) and the Deep Water Bay luxury project (expected to generate HKD 1.3 billion) [1] Valuation - The report highlights that Swire Properties currently has an attractive valuation with a dividend yield of 5.5% and a price-to-book ratio (PB) of 0.44, leading to a "Buy" rating with a target price of HKD 23 [1]

瑞银发表研究报告指，太古地产上半年经常性基本溢利按年跌4%至为34亿港元，符合该行预期。集团 提高中期息3%至0.35港元，并重申目标是每股派息有中单位数按年增长。净负债比率为15.7%，与上半 年持平。 该行预期资产回收势头将于短期内持续，因迈阿密发展项目South Brickell Key项目的预售表现强劲，截 至5月销售额已达10亿美元，加上集团处置青衣工业大厦获7.5亿港元。此外，集团将推出柴湾住宅及深 水湾豪宅项目销售，该行料分别涉85亿及13亿港元。该行指，股份现时仍可提供5.5%股息率，市账率 (PB)0.44倍，估值具吸引力，目标价为23港元，评级"买入"。 ...