UBS: Slightly lowered target price of Swire Properties (00019) to HKD 74, rated as "neutral"

According to the Wisdom Financial APP, UBS released a research report stating that Swire Pacific (00019) had a mid-term recurring underlying profit of HK$4.7 billion, a 1% year-on-year decrease, which was 12% lower than the bank's expectations, mainly due to lower-than-expected contributions from Cathay Pacific (00293). The group's mid-term dividend was HK$1.3, a 4% increase year-on-year, which roughly met expectations. Management reiterated that they prioritize long-term strategic investments and gradual dividends rather than share buybacks. Future share buybacks will depend on stock price, debt ratio, and market conditions. The bank stated that the company's profit forecast from 2025 to 2027 was reduced by 1% to 5% to reflect adjustments to profit forecasts for Cathay, HAECO, and beverage businesses. Swire's target price was slightly reduced from HK$75 to HK$74, and its rating was "neutral".