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<Research>Citi: SWIREPROPERTIES (01972.HK) 2025 Profit & Div. In Line
Recommend 10 Positive 6 Negative 10 |
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SWIREPROPERTIES (01972.HK)'s 2025 underlying profit rose 27% YoY to $8.62 billion, which includes $2.36 billion gain from asset disposal, Citi Research issued a research report saying. Recurring underlying profit decreased by 3% YoY to $6.26 billion, in line with the broker's expectation, with resilient retail rental income in China and net savings in financing costs (with borrowing costs down by 50 bps), offsetting the weak performance in office rental income. Operating cash flow reached $10 billion, up 54% YoY, with net cash inflow before financing at $10.7 billion, compared to a net outflow of $2.5 billion in 2024. The full-year DPS was $1.15, up 4.5% YoY (maintaining a mid-single-digit DPS growth target), with a payout ratio equivalent to 77% of underlying profit (compared to 95% in 2024), and a dividend yield of 4.8%. Therefore, the broker rated SWIREPROPERTIES at Buy, with a target price of $23.8. AASTOCKS Financial News |
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