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01972 SWIREPROPERTIES
RTNominal up15.800 +0.160 (+1.023%)
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12/07/2018 16:54

[I-bank focus]Citi lifts Swire Properties (01972) to HK$34.8

[ET Net News Agency, 12 July 2018] Citi Research lifted its target price for Swire
Properties (01972) to HK$34.8 from HK$32, and reiterated its "buy" rating.
The research house rated Swire Properties as one of its top "buys" given (1) its 8mn
square feet island east portfolio; 2) shopping mall at HKRI Taikoo Hui launched in May
2017 having 1Q 2018 occupancy at 96%; (3) its China projects have seen very strong retail
sales growth in 2017, which would likely translate into robust rental reversions from 2018
onwards.
Citi estimated its rental portfolio to deliver a decent 6% CAGR for FY2017-20 with very
high visibility, which fits Citi's search for defensive growth plays in 2H. (KL)

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