Swire Properties' Full-Year Results a Miss, but Future Growth Intact
Swire Properties reported full-year core earnings of HKD 7.1 billion, up 1% year on year, but 7% below our estimate. The shortfall was due to a lower-than-expected profit contribution from the property investment segment as well as a thinner margin for the property trading segment. While the full-year results were less than inspiring, we believe the company’s quality office portfolio will see stronger growth due to continued rental reversion in Hong Kong, and on a longer time horizon, the Taikoo...
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