Elevator Pitch
I downgrade my rating on Hong Kong-listed property company and landlord Swire Properties Limited (OTCPK:SWPFF) (OTCPK:SWROY) [1972:HK] from "Bullish" to "Neutral".
This is an update of my initiation article on Swire Properties published on August 12, 2019. Swire Properties' share price has declined by -18% from HK$25.55 as of August 12, 2019 to HK$21.00 as of March 27, 2020. Swire Properties trades at 0.43 times P/B, which represents a discount to its historical five-year mean P/B multiple of 0.62 times. The stock offers a trailing twelve months' dividend yield