Continued Challenging Conditions for Swire Beverages and Cathay Pacific
We have made some further adjustments to our model, reflecting the latest operating results and the competitive environments of Swire Pacific’s two subsidiaries, Swire Beverages and Cathay Pacific. Owing to a slowing beverage market in China, we expect Swire Beverages to see subdued revenue growth rate in the foreseeable future. We also lowered earnings for Cathay Pacific, as the company indicated that it would not be able to meet its second-half earnings forecast. We are reducing our fair value...Swire Pacific is a holding company. Co. operates in five divisions: property, which is engaged in developing, owning and operating mixed-use, principally commercial properties in Hong Kong and Mainland China; aviation, which comprises investments in the Cathay Pacific group and the Hong Kong Aircraft Engineering Company group; beverages, which manufactures, markets and distributes refreshing soft drinks; marine services, which invest in vessels and equipment and develop its services with a view to providing offshore support to the global oil and gas industry; and Trading & Industrial, which markets and sells internationally branded goods to consumers.
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