In the report "The Big Banks," Citigroup raised the target price for Swire Properties to HKD 91, with a rating of "Outperform."

Citi published a research report indicating that Swire (00019.HK) saw its recurring profit increase by 11% year-on-year to HKD 5 billion in the second half of last year, exceeding expectations, with a final dividend of HKD 2.5, up 19% year-on-year, also above expectations.

The firm believes that Swire Properties (01972.HK) and Cathay Pacific Airways (00293.HK) have favorable conditions to drive profit growth for Swire Properties. The firm further stated that the robust cash flow, strong balance sheet performance, and stable dividend growth make Swire Group an ideal income hedge asset for investors.

The firm indicated that it has raised the group's recurring profit forecasts for this year and next year by 8% and 7%, respectively, to HKD 10.9 billion and HKD 12.2 billion, with the target price raised from HKD 74 to HKD 91, maintaining its rating as "outperform."