Impairment Charges Lower 2017 Earnings by 4%; No Impact on Valuation
Swire Pacific has issued a profit warning, reporting estimated impairment charges from two of its subsidiaries, HAECO and Swire Pacific Offshore. HAECO expects impairment charges of HKD 625 million for 2017, with Swire Pacific’s share amounting to HKD 469 million. Swire Pacific Offshore expects impairment charges of HKD 936 million. We have adjusted our model--which already accounted for the loss from Swire Pacific Offshore--to account for the estimated impairment from HAECO. These changes resul...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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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