UBS: Raises Swire's target price to HKD 95, maintains "Neutral" rating.

UBS published a report stating that Swire's recurring basic profit for the first half of the year was HKD 7 billion, representing a year-on-year increase of 48%, which is 9% higher than the bank's forecast. The interim dividend increased by 15% year-on-year to HKD 1.5 per share, with a payout ratio of 29%. The bank raised its profit estimates for Swire for the years 2026 to 2028 by 11% to 13%, maintaining a "Neutral" rating and adjusting the target price from HKD 87 to HKD 95, an increase of 9%. The bank noted that Swire's net debt and net debt ratio have both improved compared to six months ago, mainly due to strong cash flow from the aviation and beverage businesses, and believes this is also the reason for the company's commitment to maintaining a 50% dividend payout ratio.