[ET Net News Agency, 11 November 2019] Morgan Stanley lowered its target price for
Swire Pacific (00019) to HK$90 from HK$115 and maintained its "overweight" rating.
Swire Pacific announced on 7 November it expected recurring underlying profit to decline
in 2019, driven by Cathay Pacific (00293). The research house said this is unsurprising
given declining HK GDP and tourist arrivals in 3Q.
Morgan said Swire Pacific trades at 0.4x 2019 P/B and 4.3% 2019 dividend yield. It
remains constructive on Swire Properties' (01972) outlook and hence Swire Pacific.
Morgan trimmed its 2019 EPS forecast by 14%, 2020-21 EPS estimates by 10-12%. It said
the 2019 EPS cut was mainly dragged by lower profit contribution from Cathay Pacific. It
also expects slower rental income growth at Swire Properties in 2020-21, amid recent HK
GDP slowdown. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00019 SWIRE PACIFIC A
Nominal 
65.100 +1.700 (+2.681%) Others
11/11/2019 17:02
{I-bank focus}Morgan cuts Swire Pacific (00019) to HK$90
| Remark: | Real time quote last updated: 26/04/2024 18:00 |
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