Citigroup: Raised Swire Properties' target price to HK$22.2 and maintained a "buy" rating.

Citibank has released a research report stating that it has raised the target price for Swire Properties from HK$19.35 to HK$22.20. The forecasted net asset value per share has also been increased from HK$48.38 to HK$49.33. This is due to the company's reduced net debt after selling Miami retail properties in June and office land in May. Despite a decrease in rental income, the retail sector in mainland China is showing a slight positive rebound, improving retail sales momentum. The decline in the retail sector in Hong Kong has also narrowed. Additionally, Citibank believes that Swire Properties has sufficient cash flow, with approximately HK$5 billion in capital recovery so far this year, which will benefit shareholder returns. With Swire Properties having a good dividend yield of about 5.9%, Citibank maintains a "buy" rating on the stock. Furthermore, it is expected that the company may announce a new round of repurchase plans, given its ample cash flow after capital recovery.