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ubs downgrades swire pacific to sell with target price of hk 59.90
UBS has assigned a Sell rating to Swire Pacific, setting a target price of HK$59.90, while the stock currently trades at $8.34, close to its 52-week low. The company is experiencing a 19% discount to its stub value, influenced by an ongoing share buyback program, which is expected to widen to 30% by 2025 after the buybacks conclude in May. Analysts project a 17% decline in sales this year, with Swire Properties anticipated to contribute 56% to earnings in 2024, amid pressures from increased office space supply and luxury malls in mainland China.
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