SWIRE PACIFIC LTD (HK), a company active in the Real Estate Holding & Development industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date February 11, 2022, the closing price was HKD 49.25 and its p...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
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Int'l Equity Strategy Global equities staged an impressive rally over the first four months of 2019. The nearly unabated advance allowed the broad major indexes (MSCI ACWI, ACWI ex-US, and EAFE) to break topside critical 14-month downtrends which began in January 2018. Heading into May, YTD uptrends were ubiquitous and market participants were generally of the belief that a US-China trade deal was a foregone conclusion. Then came Trump's May 5th tweets claiming China was attempting to renegotia...
Swire Pacific’s Corporate Day on its beverage division reflected on the progress made since it’s last corporate day two years ago. Operations in the U.S. and China were integrated in 2017 and the focus remains on product enhancement and expansion, improving its distribution channels with enlarged footprint and outlets, digitalisation of platforms with overlay in data analytics. Our fair value is increased to HKD 111 from HKD 102 as we factor in a more optimistic growth forecast for beverage...
Swire Pacific’s Corporate Day on its beverage division reflected on the progress made since it’s last corporate day two years ago. Operations in the U.S. and China were integrated in 2017 and the focus remains on product enhancement and expansion, improving its distribution channels with enlarged footprint and outlets, digitalisation of platforms with overlay in data analytics. Our fair value is increased to HKD 111 from HKD 102 as we factor in a more optimistic growth forecast for beverage...
Swire Pacific’s Corporate Day on its beverage division reflected on the progress made since it’s last corporate day two years ago. Operations in the U.S. and China were integrated in 2017 and the focus remains on product enhancement and expansion, improving its distribution channels with enlarged footprint and outlets, digitalisation of platforms with overlay in data analytics. Our fair value is increased to HKD 111 from HKD 102 as we factor in a more optimistic growth forecast for beverages...
As Swire Pacific is a conglomerate, its earnings are dictated by the performance of its various divisions. While each division faces widely different competitive environments, close to 70% of the group’s earnings are moaty and resilient, underpinning the group’s recurring income. These businesses are Swire Properties' flagship investment properties in Hong Kong; one of two Coca-Cola bottlers in China with Swire Beverages, and Haeco’s aviation maintenance. However, the steady businesses are...
Swire Pacific posted a good second-half result in line with our expectation. Overall, it was a solid year for the group, with Cathay Pacific and Haeco returning to profitability, adding to strong performance in properties and beverages. We increase our fair value estimate to HKD 102 per share from HKD 87 by factoring in the time value of money and the divestments at Swire Properties. Our thesis for the conglomerate is unchanged, and we expect improving returns in the medium term. While return on...
Swire Pacific posted a good second-half result in line with our expectation. Overall, it was a solid year for the group, with Cathay Pacific and Haeco returning to profitability, adding to strong performance in properties and beverages. We increase our fair value estimate to HKD 102 per share from HKD 87 by factoring in the time value of money and the divestments at Swire Properties. Our thesis for the conglomerate is unchanged, and we expect improving returns in the medium term. While return on...
As Swire Pacific is a conglomerate, its earnings are dictated by the performance of its various divisions. While each division faces widely different competitive environments, 45%-50% of the group's earnings are resilient, as they come from businesses with recurring income. We identify these businesses as Swire Properties' flagship investment properties in Hong Kong; Haeco's aviation maintenance, repair, and overhaul, or MRO, business; and Swire Beverages' Coca-Cola bottling operation. Cathay Pa...
Swire Pacific posted a good second-half result in line with our expectation. Overall, it was a solid year for the group, with Cathay Pacific and Haeco returning to profitability, adding to strong performance in properties and beverages. We increase our fair value estimate to HKD 102 per share from HKD 87 by factoring in the time value of money and the divestments at Swire Properties. Our thesis for the conglomerate is unchanged, and we expect improving returns in the medium term. While return on...
The key highlight to Swire Pacific’s preclose meeting was that overall positive momentum from the first half of 2018 was sustained in the second half, albeit at a slower pace, and our thesis for the conglomerate is unchanged. We continue to see the group’s diversified businesses across multiple geographies as resilient in weathering economic downcycles. This is supported by management’s prudence with recurring income from Swire properties and the beverage division offsetting the more cycli...
The key highlight to Swire Pacific’s preclose meeting was that overall positive momentum from the first half of 2018 was sustained in the second half, albeit at a slower pace, and our thesis for the conglomerate is unchanged. We continue to see the group’s diversified businesses across multiple geographies as resilient in weathering economic downcycles. This is supported by management’s prudence with recurring income from Swire properties and the beverage division offsetting the more cycli...
As the firm is a conglomerate, Swire Pacific's earnings are dictated by the performance of its various divisions. While each division faces widely different competitive environments, 45%-50% of the group's earnings are resilient, as they come from businesses with sustainable economic moats. We identify these businesses as Swire Properties' flagship investment properties in Hong Kong; Haeco's aviation maintenance, repair, and overhaul, or MRO, business; and Swire Beverages' Coca-Cola bottling ope...
Swire Properties reported mixed and unexciting operating results for third-quarter 2018. In Hong Kong, the office portfolio at Pacific Place is largely unchanged from second quarter as there were few additional renewals during the quarter. Reversions for other office assets remained tepid at 6% to 7%. The aggregate occupancy rate retreated a bit to 99% at end of the quarter. The company announced it has signed leases for 100% of space at One Taikoo Place. The project will drive the company’s e...
Swire Properties reported mixed and unexciting operating results for third-quarter 2018. In Hong Kong, the office portfolio at Pacific Place is largely unchanged from second quarter as there were few additional renewals during the quarter. Reversions for other office assets remained tepid at 6% to 7%. The aggregate occupancy rate retreated a bit to 99% at end of the quarter. The company announced it has signed leases for 100% of space at One Taikoo Place. The project will drive the company’s e...
Swire Properties reported mixed and unexciting operating results for third-quarter 2018. In Hong Kong, the office portfolio at Pacific Place is largely unchanged from second quarter as there were few additional renewals during the quarter. Reversions for other office assets remained tepid at 6% to 7%. The aggregate occupancy rate retreated a bit to 99% at end of the quarter. The company announced it has signed leases for 100% of space at One Taikoo Place. The project will drive the company’s e...
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 w...
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