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MacQ ups Swire Properties (01972) to HK$32.35
 Macquarie Research lifted its target price for 
Swire Properties (01972) to HK$32.35 from HK$30.45, and reiterated its "outperform"
rating.
  The research house was impressed by Swire Properties' (frome its 4Q 2017 operating 
statement) strong retail sales growth of Pacific Place (up 7.2% yoy in 2017 versus 2.2% of
HK market), adding two new redevelopment projects in Wan Chai (one for sale and another
for lease), and occupancy improvement in One Indigo office from 90% in 2016 to 98% in
2017, Sanlitun mall from 94% to 99%, HKRI mall at 96% and two HKRI office towers at 82%.
  Macquarie thus increased its NAV by 1% to include the redevelopment project, faster sale
of residential units, and higher occupancy. But it made no significant change in its 
earnings forecasts for 2017 and 2018. 

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