We transfer coverage of Swire Properties with unchanged narrow moat rating and fair value estimate of HKD 31. We think shares are currently attractive, trading at a 41% discount to our fair value estimate, and 2023 forecast dividend yield of 5.7%. First-half 2023 revenue increased 6% year on year, within our expectation, with a strong retail recovery partly offset by a struggling office portfolio. However, operating profit was slightly below our expectations, dragged by a higher marketing expense, higher losses from trading properties and a higher-than-expected foreign exchange loss. These were partly offset by a lower-than-expected finance cost that brought recurring underlying net profit up 6% year on year. We increased our operating expense and reduced our finance cost assumptions to reflect the latest numbers, while also factoring in the redevelopment of Wah Ha Factory Building and Zung Fu Industrial Building, and the Bangkok residential joint venture project, assuming five-year and three-year development periods, respectively. As such, our 2023, 2024, and 2025 earnings per share forecasts are lowered by 7.5%, 7.3%, and 5.1%, respectively.