The analyst rating from UBS for Swire Pacific A (00019.HK) is currently set at Neutral, with a target price of $72.7. This rating is primarily due to the company's 2025 recurring underlying profit rising by 5% year-over-year to $9.8 billion, which was 4% below UBS' forecast. The lower-than-expected contribution from the beverage business was a significant factor in this discrepancy. However, the unexpected 13% year-over-year increase in the full-year dividend per share (DPS) to $3.8, along with management's commitment to a progressive dividend policy, contributed to a more cautious outlook. The projected payout ratio of 53% on recurring underlying profit, compared to 51% for 2024, indicates a stable dividend strategy, but the overall performance still led UBS to maintain a Neutral rating.
