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Swire Properties:1H17operating data:PP office 15%reversion continues;PP Mall tenant sales turned positive

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On August 7, Swire Properties released its 1H17 operating statement. Wesummarize our key takeaways for each segment as well as preview our expectationsfor 1H17 results.

HK office rental portfolio: Pacific Place (PP) is still showing strong rentalreversion in 1H17 at +15% versus 1Q17/2016’s +15%/+14%.

HK retail rental portfolio: Pacific Place Mall showed substantial improvement intenant sales, +2% yoy in 1H17 versus 1Q17/ 2016’s -2%/ -13%.

1H17 results preview: Reports August 17; GSe 24% yoy increase in underlyingprofit to HK$4.4bn amid HK development profit recognition.

We are Buy-rated. Swire Prop trades at 0.71X price-to-last-reported-BVPS vs. 5-yr.

average/-1s.d. of 0.66X/0.58X, and at an 28% discount to FY18E NAV vs. 5-yr.

avg./-1 s.d. of 28%/38%.





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