Goldman Sachs lowered its target price for Swire Properties (01972) to HK$27.8 from HK$29 and upgraded its rating to "neutral" from "sell" on underperformance.
The research house said Swire Properties has 59% of its current NAV coming from rental properties in HK, and the rest is mainly spread across four cities in mainland China.
Goldman maintained its view that the company has two sizable office clusters in the CBD (Admiralty/Wanchai portfolio) and its decentralized hub (Island East portfolio), which allows it to benefit from both tight supply in the CBD and ongoing decentralization trends.
Goldman lowered its FY2019-21 EPS forecasts for Swire Properties by up to 7% on the back of its revisions to sector growth assumptions.
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