Morningstar - Swire Pacific Limited Class A (00019) Swire Pacific Seeking to Privatise Haeco for HKD 3 Billion; No Change to FVE

Report

Morningstar

Michael Wu

Swire Pacific Seeking to Privatise Haeco for HKD 3 Billion; No Change to FVE

Swire Pacific is seeking to privatise Hong Kong Aircraft Engineering Company, or Haeco, by acquiring the remaining 25.01% stake it does not already own for close to HKD 3 billion.Â Swire Pacificâ€™s offer of HKD 72 per share, adjusted for dividend payment, represents a 63.6% premium to Haecoâ€™s last close price of HKD 44 and a forward price/earnings ratio of 22.2 times, based on our estimates. This is slightly above the 19.4 times trading multiple for its closest peer in the region, narrow-moat ST E...

11/06/2018 12 EN

Underlying

Swire Pacific Limited Class A

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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HK0019000162 Hong Kong Stock Exchange Hong Kong

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

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.

We have operations in 27 countries.

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Analysts

Michael Wu

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Swire Pacific Seeking to Privatise Haeco for HKD 3 Billion; No Change to FVE

With a more favourable environment, SWIRE PACIFIC LTD improves to Positive

Monthly LMI Update Independent Investment Research

Feasibility Study Results in December to be a Catalyst for this Junior

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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