Bank of America Securities has issued a research report maintaining a "Buy" rating on Swire Pacific A with a target price of HK$90. Swire Group's performance last year slightly exceeded expectations, and an unexpected 13% increase in dividend per share sends a strong signal, reinforcing the company's solid track record in shareholder returns. Management believes its progressive dividend policy is sustainable and expects dividend per share to maintain stable mid-single-digit annual growth. Due to restrictions on share circulation, share buybacks remain a secondary option. The report also expresses continued optimism about the growth prospects of its subsidiary Swire Properties, noting that the current share price trades at a 30% discount to net asset value, which is attractive compared to the historical average discount of 18%. Although rising oil prices introduce uncertainty to the profit outlook of Cathay Pacific Airways, Swire Group's dividend policy explicitly excludes the impact of Cathay Pacific's performance. Management expects core businesses to remain robust and indicates that the impact of Middle East conflicts on operations outside of Cathay Pacific has been limited so far.