[ET Net News Agency, 25 January 2021] HSBC Global Research lifted its target price for
Swire Properties (SWP) (01972) to HK$20.4 from HK$20.3 and maintained its "reduce" rating.
The research house said SWP's office portfolio in Hong Kong will be impacted by a pause
in the decentralisation trend. It has 47% GAV (gross asset value) exposure to the HK
office market. Swire Properties is at a disadvantage as the rent differentials between
Central and Island East are narrowing, which will impact the leasing demand of its office
portfolio.
HSBC expects SWP's recurrent underlying earnings to go down 9% HoH in 2H 2020, compared
to growth of 3% in 1H. It only expects a mild improvement in its underlying profit of 4%
YoY growth in 2021. (KL)
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01972 SWIREPROPERTIES
Nominal 
15.980 +0.180 (+1.139%) Research Report
25/01/2021 16:58
{I-bank focus}HSBC lifts Swire Properties (01972) to HK$20.4
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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