Glonghui, March 15 | Lyon released a report saying that although there are still reservations about recent investments in Swire Group, especially after two consecutive years of writing off accounts, the company's performance in the second half of last year showed positive feedback to shareholders. Lyon lowered Swire's 2024 and 2025 recurring profit forecasts by 20% and 13%, respectively, due to lower profit assumptions for the beverage business and taking into account the latest forecasts for Swire Properties and Cathay Pacific. However, due to active implementation of the repurchase, the target price was raised from HK$69 to HK$72. Swire's current stock price was discounted by 17% compared to net asset value (NAV), and the rating was downgraded from “buy” to “outperform the market”.