Property and Aviation Divisions Largely as Expected in First Half
For the first half of the year, no major surprises were seen across Swire Pacific’s various divisions. Swire Properties reported solid second-quarter operating results on the basis of its office portfolio's continued strong performance, along with recovering retail assets in Hong Kong. Cathay Pacific delivered an expected set of weak results for the first half. At this point, we maintain our fair value estimate of HKD 78 per share, along with our no-moat rating for the company.In Hong Kong, Swi...
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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