Swire price discounts unrealistically dire property scenario: Morgan Stanley

Morgan Stanley said it continued to believe the share price of Swire Pacific (0019) is discounting a much more dire office property scenario than is likely to develop. Company management acknowledged during a conference call on Wednesday that with slowing economy and negative sentiment, the commercial property market would weaken. But the impact had so far been limited, with no leases broken, analysts Tom Kim and Rob Hart said in a note to clients today.

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