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With a more favourable environment, SWIRE PROPERTIES improves to Posit...
SWIRE PROPERTIES (HK), a company active in the Real Estate Holding & Development industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date February 22, 2022, the closing price was HKD 20.60 and its po...
- Phillip Zhong
Morningstar | Strong Performance for the Office Portfolio while Retail...
For first-quarter 2019, Swire Properties reported strong operating results for its office portfolio, while the retail portfolio in Hong Kong was weak. In Hong Kong, the office portfolio at Pacific Place continued to perform very well, with large renewal of nearly 400,000 square feet. Rental reversions were up 20%, compared with 21% and 15% seen during the same period in 2018 and 2017, owing to the continued spill-over effect of a tight Central office market. Rental reversion for other office ass...
- Phillip Zhong
Strong Performance for the Office Portfolio while Retail Subdued for S...
For first-quarter 2019, Swire Properties reported strong operating results for its office portfolio, while the retail portfolio in Hong Kong was weak. In Hong Kong, the office portfolio at Pacific Place continued to perform very well, with large renewal of nearly 400,000 square feet. Rental reversions were up 20%, compared with 21% and 15% seen during the same period in 2018 and 2017, owing to the continued spill-over effect of a tight Central office market. Rental reversion for other office ass...
- Phillip Zhong
Morningstar | Swire Properties Slow and Steady, Patience and Transform...
Swire Properties' 40-year history in Hong Kong has been characterised by patience and transformation. The company's modus operandi is acquiring assets in less-than-prime areas. Over a span of several decades, the company gradually builds, manages, upgrades, expands, and eventually transforms the entire areas.As Hong Kong's largest office landlord, Swire Properties benefits from the office decentralisation trend. Spurred on by high occupancy costs in Central (the traditional central business dist...
- Phillip Zhong
Swire Properties Slow and Steady, Patience and Transformation
Swire Properties reported full-year underlying earnings of HKD 10.1 billion. Excluding the disposal gain, the recurring underlying earnings totaled HKD 7.5 billion, up 4% year on year. The results were slightly below our estimate. The shortfall was due to the lower than projected booking of development properties. Full-year dividends totaled HKD 0.84 per share, up 9% year on year. The investment properties portfolio performed slightly better than expected, driven by a positive reversion of Hong ...
- Phillip Zhong
Morningstar | Full-year Results a Slight Miss, Capital Recycling in Fo...
Swire Properties reported full-year underlying earnings of HKD 10.1 billion. Excluding the disposal gain, the recurring underlying earnings totaled HKD 7.5 billion, up 4% year on year. The results were slightly below our estimate. The shortfall was due to the lower than projected booking of development properties. Full-year dividends totaled HKD 0.84 per share, up 9% year on year. The investment properties portfolio performed slightly better than expected, driven by a positive reversion of Hong ...
- Phillip Zhong
Full-year Results a Slight Miss, Capital Recycling in Focus Going Forw...
Swire Properties reported full-year underlying earnings of HKD 10.1 billion. Excluding the disposal gain, the recurring underlying earnings totaled HKD 7.5 billion, up 4% year on year. The results were slightly below our estimate. The shortfall was due to the lower than projected booking of development properties. Full-year dividends totaled HKD 0.84 per share, up 9% year on year. The investment properties portfolio performed slightly better than expected, driven by a positive reversion of Hong ...
- Phillip Zhong
Morningstar | Swire Properties' Hong Kong Portfolio Steady; Slower Boo...
Swire Properties reported in line operating results for fourth-quarter 2018. In Hong Kong, the office portfolio at Pacific Place is largely unchanged from prior quarters as the bulk of the renewal occurred during earlier in the year. Reversions for other office assets remained tepid at 6% to 7%. The aggregate occupancy rate was steady at 99% at end of the quarter. Office demand in the central business district has cooled off a bit with Chinese corporates retreating. We expect the company’s Pac...
- Phillip Zhong
Swire Properties' Hong Kong Portfolio Steady; Slower Booking of Tradin...
Swire Properties reported in line operating results for fourth-quarter 2018. In Hong Kong, the office portfolio at Pacific Place is largely unchanged from prior quarters as the bulk of the renewal occurred during earlier in the year. Reversions for other office assets remained tepid at 6% to 7%. The aggregate occupancy rate was steady at 99% at end of the quarter. Office demand in the central business district has cooled off a bit with Chinese corporates retreating. We expect the company’s Pac...
- Phillip Zhong
Morningstar | 01972 Updated Forecasts and Estimates from 27 Dec 2018
Swire Properties reported mixed and unexciting operating results for third-quarter 2018. In Hong Kong, the office portfolio at Pacific Place is largely unchanged from second quarter as there were few additional renewals during the quarter. Reversions for other office assets remained tepid at 6% to 7%. The aggregate occupancy rate retreated a bit to 99% at end of the quarter. The company announced it has signed leases for 100% of space at One Taikoo Place. The project will drive the company’s e...
- Phillip Zhong
Morningstar | Swire Properties' Office Portfolio Steady but Retail Sid...
Swire Properties reported mixed and unexciting operating results for third-quarter 2018. In Hong Kong, the office portfolio at Pacific Place is largely unchanged from second quarter as there were few additional renewals during the quarter. Reversions for other office assets remained tepid at 6% to 7%. The aggregate occupancy rate retreated a bit to 99% at end of the quarter. The company announced it has signed leases for 100% of space at One Taikoo Place. The project will drive the company’s e...
- Phillip Zhong
Morningstar | In-Line Interim for Swire, With Modest Rental Growth Off...
For interim 2018, Swire Properties reported adjusted core earnings of HKD 3.7 billion, down 19% year on year due to a lower contribution from property trading. The interim core earnings were in line at about 47% of our full-year estimate. The company booked a gain of HKD 2.5 billion on the finalization of the disposal of the Kowloon East office project. Adjusted underlying earnings per share amounted to HKD 0.64, down 19% from the year-ago period. The company declared an interim dividend of HKD ...
- Phillip Zhong
In-Line Interim for Swire, With Modest Rental Growth Offsetting Lower ...
For interim 2018, Swire Properties reported adjusted core earnings of HKD 3.7 billion, down 19% year on year due to a lower contribution from property trading. The interim core earnings were in line at about 47% of our full-year estimate. The company booked a gain of HKD 2.5 billion on the finalization of the disposal of the Kowloon East office project. Adjusted underlying earnings per share amounted to HKD 0.64, down 19% from the year-ago period. The company declared an interim dividend of HKD ...
- Phillip Zhong
Morningstar | Swire Properties' 2Q Operating Results Mixed
Similar to first-quarter 2018, Swire Properties reported mixed operating results for second-quarter 2018. In Hong Kong, the office portfolio at Pacific Place continued to perform very well, with the renewal of nearly 162,000 square feet. Rental reversions were up 25%, compared with 15% and 12% seen during the same period in 2017 and 2016, owing to the continued spill-over effect of a very tight Central office market. However, reversions for other office assets were not as robust. Taikoo Place sa...
- Phillip Zhong
Swire Properties' 2Q Operating Results Mixed
Similar to first-quarter 2018, Swire Properties reported mixed operating results for second-quarter 2018. In Hong Kong, the office portfolio at Pacific Place continued to perform very well, with the renewal of nearly 162,000 square feet. Rental reversions were up 25%, compared with 15% and 12% seen during the same period in 2017 and 2016, owing to the continued spill-over effect of a very tight Central office market. However, reversions for other office assets were not as robust. Taikoo Place sa...
- Phillip Zhong
Swire Properties Achieves Favorable Price With Opportunistic Disposal ...
Swire Properties has announced that it has disposed of two office towers, Cityplaza Three and Cityplaza Four, for HKD 15 billion. Based on the property valuation of HKD 9.3 billion at the end of 2017, the purchase price represents a premium of more than 60%. Given the favourable disposal price, we have revised our fair value estimate to HKD 30 from HKD 28. We also reduce earnings by 3% for 2019 and beyond, reflecting the loss of nearly 770,000 square feet of office gross floor area, or 6% of the...
- Phillip Zhong
Swire Properties in Discussions to Dispose of Two Cityplaza Office Tow...
Swire Properties announced in an exchange filing that it is in discussions for the disposal of two office towers, Cityplaza Three and Cityplaza Four. The market reacted positively to the news, pushing up its share price near 5%. Given the tight office market and recent record en-bloc transactions, Hong Kong landlords have been able to disposal assets into the private market at very attractive valuations. However, such a transaction may also affect the company’s ability to effectively manage ne...
- Phillip Zhong
Swire Properties 1Q Operating Results Mixed
Swire Property reported mixed operating results for first-quarter 2018. In Hong Kong, the office portfolio at Pacific Place continued to perform very well, with the renewal of nearly 133,000 square feet. Rental reversions were up 21%, compared with 15% and 13% seen during the same period in 2017 and 2016, owing to the continued spill-over effect of a very tight Central office market. However, reversions for other office assets were not as robust. Taikoo Place saw renewal of over 650,000 square f...
- Phillip Zhong
Swire Properties' Full-Year Results In Line, Focusing on Investment Pr...
Swire Properties reported full-year core earnings of HKD 7.8 billion, up 10% year on year, slightly below our estimate of HKD 7.9 billion. The increase in underlying profit was mostly attributed to better-performing investment properties, with underlying earnings up 12%. The full-year results were mostly in line, on the strength of the Hong Kong office portfolio and China retail assets. We believe both segments will continue to perform well, supported by a tight office market in Hong Kong and a ...
- Phillip Zhong
Slow and steady, patience and transformation.
Swire Properties’ third-quarter results were in line as expected. In Hong Kong, as there was only 32,000 square feet of renewal at Taikoo Place during the quarter, the office portfolio showed largely the same positive rental reversion as the interim. Occupancy rate was unchanged at 99%. On the retail side, retail sales at Pacific Place were up 5.4% year to date, continuing to recover since turning positive at interim, after a decline of two years. Cityplaza saw retail sales down 5.1%, mostly d...
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