Swire Properties Ltd

01972: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$16.60	Lnnbmbt	Ctcsqrmv

Swire Properties Earnings: Results In Line; Fair Value Estimate Cut by 8% on Lower Operating Margins

Xinfu Lee , Kathy Chan

Mar 14, 2024

Narrow-moat Swire Properties' 2023 results are in line with our expectations. The 6% year-on-year revenue growth was mainly driven by the retail portfolio in Hong Kong and mainland China, given strong tenant sales growth as the pandemic wanes and the acquisition of the remaining interest of Taikoo Li Chengdu in early 2023. This helped offset softer contribution from the Hong Kong office portfolio.

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