Morgan Stanley: Set target price of HK$16 for SWIRE PROPERTIES (01972), rated "in line with the market"
Tahoe Property Group expects a basic surplus of HK$6.8 billion in 2024, lower than the HK$11.6 billion in 2023, and a recurring basic surplus of HK$6.5 billion, lower than the HK$7.3 billion in 2023.
Morgan Stanley released a research report stating that the target price for SWIREPROPERTIES (01972) is HK$16, with a rating of "in line with the market".
SWIREPROPERTIES is expected to have a basic surplus of HK$6.8 billion in 2024, lower than the HK$11.6 billion in 2023, and a recurring basic surplus of HK$6.5 billion, lower than the HK$7.3 billion in 2023. The rental at Taikoo Plaza has been reduced by HK$5 per square foot per quarter. The rental reversion in 2024 is expected to decrease by 16% year-on-year. The overall occupancy rate is 93%, similar to property companies.
The decline in retail sales in China's Beijing, Shanghai, Guangzhou, and Chengdu in 2024 narrowed compared to the first 9 months of 2024. The retail performance of some retail properties in Hong Kong is better than the overall market.
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