In short: Interim 2026: underlying profit HK$4,900M (+11%), recurring underlying profit HK$4,661M (+36%), DPS HK$0.37 (+6%) — a 10th consecutive year of growth. The HK$100bn investment programme continues; "the company has demonstrated prudence and good management." Bought to own the bottom of the property cycle: "it has performed adequately to this point."
Swire is a Hong Kong landlord — malls, offices and apartments in Hong Kong and mainland China. Polomny bought it deliberately into a bad property market: "I bought this dividend payer with the long view that I would buy at the bottom of the real estate cycle." You accept several dull years in exchange for a low entry price and a dividend that keeps arriving while you wait.
The half-year results say the wait is being paid for. Underlying profit rose 11% and recurring underlying profit — the rent-driven part, which matters more because it repeats every year rather than depending on one-off apartment sales — rose 36%. The dividend went up 6%, its tenth consecutive annual increase, while the company continues a HK$100 billion investment programme. His verdict is deliberately unexcited: it "has performed adequately to this point."
In short: Holding; no major news this month (Dividend Portfolio).
In short: No major news this month (Dividend Portfolio holding).
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