＜Research＞Jefferies Cuts SWIREPROPERTIES (01972.HK) to $12, Lowers Earnings Forecast

　　Jefferies issued a report, updating its valuation model on SWIREPROPERTIES (01972.HK) -0.120 (-0.942%) Short selling $18.64M; Ratio 42.491% ahead of the company's announcement of interim results, anticipating downside risks from weak rental income in a tough office and retail market.

　　The broker cut its target price from $16 to $12 and rated the company Hold.

　　According to Jefferies, SWIRE management has committed to a mid-single digit increase in the DPS in its 10-year investment plan to 2022, and capital expenditure should have peaked. However, the deteriorating market outlook and rising gearing raise questions about the sustainability of the DPS growth commitment. The broker lowered its earnings forecast for FY24-FY26 by 11-20% to reflect the weaker market outlook and lower development property margins.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-09 16:25.)