According to a research report published by UBS, Swire's basic recurring profit for the first half of the year was HK$7 billion, up 48% year over year, 9% higher than the bank's forecast. The medium-term interest rate increased 15% year over year to HK$1.5 per share, with a dividend ratio of 29%. The bank raised Swire's annual earnings estimates for 2026-28 by 11% to 13%, maintaining a “neutral” rating. The target price was raised 9% from HK$87 to HK$95. The bank said that Swire's net debt and net debt ratio have both improved from half a year ago, mainly due to strong cash flow from the aviation and beverage business. I believe this is also the reason why the company promised to maintain a 50% dividend ratio.

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