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<Research>Citi Raises SWIREPROPERTIES (01972.HK) TP to $28.8, Keeps Buy Rating
Recommend 3 Positive 4 Negative 1 |
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Citi Research issued a research report believing that SWIREPROPERTIES (01972.HK) is committed to mid-single-digit DPS growth, fundamentally supported by the following factors: 1)strong same-store sales growth in mainland China's retail led to positive rental reversion, benefiting from tenant renewals and asset upgrades to capture market share; 2) new investment properties are expected to see a YoY increase in 2026-2027 forecasted GFA of 27%/ 40%, driving rental upside through leasing synergies; 3) a strong balance sheet with a gearing ratio of 15%, providing ample flexibility to support its $100 billion strategic investment plan's capital expenditures; 4) forecasted earnings growth in 2026/ 2027, driven by moderate rental increase and significant development property bookings. Therefore, Citi Research kept rating at Buy for SWIREPROPERTIES, and raised its target price from $23.8 to $28.8, representing a 45% discount to net asset value (NAV). AASTOCKS Financial News Website: www.aastocks.com |
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