---
title: "M Stanley Cuts SWIREPROPERTIES  TP to HKD28, Rating Overweight"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296580920.md"
description: "M Stanley updated its research report on SWIREPROPERTIES, lowering the target price from HKD29 to HKD28 while maintaining an Overweight rating. The broker raised basic EPS forecasts for FY2026-2028 due to improved assumptions on rentals, occupancy, and property trading gains. Dividend forecasts remain unchanged, supporting a 5% YoY growth. The TP cut reflects a maintained 30% discount to revised NAV, driven by lower net debt but offset by declines in China office and HK development project values. Key positives include improving HK office fundamentals, resilient China retail sales, and strong balance sheet."
datetime: "2026-08-21T07:26:42.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/296580920.md)
  - [en](https://longbridge.com/en/news/296580920.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296580920.md)
generator: "portal-rs"
---

# M Stanley Cuts SWIREPROPERTIES  TP to HKD28, Rating Overweight

M Stanley issued a research report updating the risk-reward assessment for SWIREPROPERTIES (01972.HK) +0.300 (+1.196%) Short selling $3.77M; Ratio 15.860% . After incorporating the 1H26 results, the broker raised its basic EPS forecasts for FY2026, FY2027 and FY2028 by 2.3%, 1.8% and 1.5%, respectively. The adjustments reflected updated assumptions on retail and office rental reversion, occupancy rates and interest rates; revised booking and completion timelines for property development projects; as well as better-than-expected gains from property trading.

The broker maintained its dividend per share forecasts for FY2026 to FY2028 at HKD1.21, HKD1.27 and HKD1.33, respectively, implying YoY growth of 5% for FY2026 to FY2028, supported by its continuously expanding China retail portfolio and proactive capital recycling. The broker expected Hong Kong office rental reversion to turn neutral in 2027 on sustained demand for premium office space, while Pacific Place mall rental reversion may turn positive.

M Stanley lowered its TP for SWIREPROPERTIES from HKD29 to HKD28, representing a 3% reduction, based on a maintained 30% discount to its revised net asset value forecast, which is one standard deviation above the historical average since 2011. The increase in net asset value was mainly driven by lower net debt, partly offset by declines in the net asset value of China office properties and Hong Kong property development projects. The broker maintained its Overweight rating, citing improving fundamentals in the Hong Kong office market, with supply expected to peak in 2026; resilient retail sales at China shopping malls benefiting from duty-free shopping and inbound tourism trends; and recurring income growth from new investment properties in China, capital recycling plans and a strong balance sheet, all of which are expected to offset downside risks. (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-21 12:25.)

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**