The Zhitong Finance App learned that Swire Properties (01972) once fell by more than 4%. As of press release, it fell 3.19% to HK$15.8, with a turnover of HK$1972.67 million.
According to the news, Swire Properties released its operating data report for the first quarter of 2024. In terms of completed investment properties, Pacific Place's occupancy rate was 98%, rent reduction was 17%; Taikoo Place (overall) occupancy rate reached 91%, rent reduction of 13%; Hong Kong Island East Centre and Taikoo Place Tower 1 had a occupancy rate of 93%; and the occupancy rate of other Taikoo Place office buildings reached 90%, with rents reduced by 11%.
HSBC Research previously pointed out that although the decline in office rents in Hong Kong in the first quarter may put downward pressure on some leaseholders, some of them may have been less affected, due to the diversification of their profit mix. In view of the high visibility of Swire Properties' dividend payout growth, the target price was lowered from HK$19.2 to HK$18.9, giving it a “buy” rating.