CICC: Maintains its "outperform" rating on Swire Properties (01972) with a target price of 23.8 Hong Kong dollars.

According to the latest report from Zhichong Finance APP, CICC maintains its profit forecast for Swire Properties (01972). The company's outperform industry rating and target price of HK$23.8 are also maintained, representing a 30% discount to the target NAV, a 4.8% dividend yield for 2025, and a 10% upside potential. The company currently trades at a 36% NAV discount and a 5.3%/5.5% dividend yield for 2025/2026. The company adopts a dividend payout policy with DPS growing at a single-digit rate each year. The bank suggests paying attention to positive developments in property sales proceeds and asset disposal cash recovery to support dividend payouts.