Citigroup: Swire Properties (01972.HK) recorded a 36% increase in recurring base profit in the first half of the year, driven by property revenue. Retail remains strong, and the outlook for office spaces is improving.

According to the Zhituo Finance APP, Citibank has issued a research report stating that Swire Properties (01972.HK) announced its performance for the first half of 2026. The recurring basic profit increased by 36% year-on-year to 4.661 billion Hong Kong dollars, while the basic profit rose by 11% year-on-year to 4.9 billion Hong Kong dollars, which included 1.2 billion Hong Kong dollars from property developments, mainly from the sale of two independent houses at 6 Deep Water Bay Road. Retail rental income from mainland China increased by 14% year-on-year to 2.998 billion Hong Kong dollars, while retail rental income from Hong Kong rose by 2% year-on-year to 1.196 billion Hong Kong dollars, and office rental income in Hong Kong remained approximately flat at 2.449 billion Hong Kong dollars. The interim dividend declared was 0.37 Hong Kong dollars per share, an increase of 6% year-on-year. The bank maintains a "Buy" rating with a target price of 28.8 Hong Kong dollars.