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<Research>DBS: SWIREPROPERTIES (01972.HK) Shows Signs of Core Biz Improvement w/ Major Medium to Long-term Catalysts
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SWIREPROPERTIES (01972.HK) has a track record of creating long-term value through the development and management of property complexes, DBS Group Research issued a research report saying. Its core business shows signs of improvement, with the office portfolio at Pacific Place in Admiralty showing stability, the report stated. Coupled with improved sales momentum among tenants in its Hong Kong and China retail portfolios, this is expected to provide solid support for rental income. SWIREPROPERTIES' new retail complexes in Beijing, Shanghai, Sanya and Xi'an are expected to commence operations gradually starting this year, the report added. These projects are anticipated to be significant catalysts for medium to long-term net profit and dividend growth for SWIREPROPERTIES, thereby boosting the share price. DBS Group Research estimated that, after the recent share price hike, the current price of the stock is at a 50% discount to its net asset value (NAV), with the share price expected to move towards a long-term upward trajectory. Therefore, the broker's target price is set at $30.38, with rating at Buy. AASTOCKS Financial News Website: www.aastocks.com |
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