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Swire Pacific Ltd Class A 00019

Morningstar Rating
HKD 67.85 −1.10 (1.60%)
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Company Report

Swire Pacific Expanding China Retail Portfolio and Bottling Franchise in Southeast Asia

Because Swire Pacific is a conglomerate, its earnings are dictated by the performance of its various divisions. While each division faces different competitive environments, the majority of the group’s earnings is underpinned by recurring income from Swire Properties' investment property portfolio in Hong Kong and mainland China, Swire Coca-Cola’s bottling business, and Haeco’s aviation maintenance and repair services. This compares with the group’s property trading business and 45% interest in Cathay Pacific, which are more cyclical and capital-intensive in nature.

Price vs Fair Value

00019 is trading within a range we consider fairly valued.
Price
HKD 67.85
Fair Value
HKD 78.00
Uncertainty
Medium
1-Star Price
HKD 854.50
5-Star Price
HKD 15.60
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Rental rates in Pacific Place and Taikoo Place offices could recover ahead of expectations despite the current Hong Kong office downcycle.

Bears

Hong Kong might not recover its status as an international financial center, leading to weak demand for office space by multinational companies and negatively affecting Swire Pacific’s property business.

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Trading Information

Previous Close Price
HKD 68.95
Day Range
HKD 67.8568.95
52-Week Range
HKD 48.4072.50
Bid/Ask
HKD 67.85 / HKD 68.10
Market Cap
HKD 252.43 Bil
Volume/Avg
3.2 Mil / 1.4 Mil

Key Statistics

Price/Earnings (Normalized)
9.29
Price/Sales
5.19
Dividend Yield (Trailing)
4.72%
Dividend Yield (Forward)
4.72%
Total Yield
5.70%

Company Profile

Swire Pacific is a Hong Kong-based conglomerate with interests in property, aviation, beverage, trading, and industrials. The property division, an 82% stake in Swire Properties, contributes more than half of the group's operating profit. The beverage division is one of two Coca-Cola bottlers in mainland China and also a bottler in Hong Kong, Taiwan, Thailand, Laos, Vietnam, and Cambodia. The aviation division consists of Haeco, an aircraft engineering company, and a 45% stake in Cathay Pacific. As of end December 2023, John Swire & Sons, the parent company, holds a 60% stake in Swire Pacific but has 68% of the voting rights through a dual-class share structure.
Sector
Industrials
Industry
Conglomerates
Stock Style Box
Large Value
Total Number of Employees
78,000

Competitors

Valuation

Metric
00019
00001
01972
Price/Earnings (Normalized)
9.296.389.47
Price/Book Value
0.960.260.26
Price/Sales
5.190.514.96
Price/Cash Flow
42.142.3610.92
Price/Earnings
00019
00001
01972

Financial Strength

Metric
00019
00001
01972
Quick Ratio
0.580.990.48
Current Ratio
0.971.251.03
Interest Coverage
14.523.807.92
Quick Ratio
00019
00001
01972

Profitability

Metric
00019
00001
01972
Return on Assets (Normalized)
1.63%3.97%2.11%
Return on Equity (Normalized)
2.78%8.58%2.54%
Return on Invested Capital (Normalized)
2.25%5.60%2.33%
Return on Assets
00019
00001
01972
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