Swire Pacific's 1H Result in Line; Beverages and Properties Offset Persistent Struggle for SPO
There is little in Swire Pacific’s first-half result that alters our view on the conglomerate. We reaffirm our fair value estimate of HKD 87 per share and believe the company is fairly valued. We continue to see significant improvements for Cathay Pacific and a meaningful turnaround of Swire Pacific Offshore as the two key drivers of a positive revision to our fair value estimate. We have not factored the above into our current valuation. A 20% increase in the first-half dividend to HKD 1.20 was...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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