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RTNominal down41.900 -0.650 (-1.528%)

01/06/2020 17:15

{I-bank focus}Goldman slashes Swire Pacific (00019) to HK$57

[ET Net News Agency, 1 June 2020] Goldman Sachs slashed its target price for Swire
Pacific (00019) to HK$57 from HK$77 and maintained its "neutral" rating.
Given its significant exposure in Hong Kong, Swire Pacific had already suffered much
from the social unrest last year, said the research house. The COVID-19 outbreak has
further dampened the operational performance across its various divisions.
Swire Properties' (01972) tenant sales at Pacific Place/Cityplaza/Citygate in Hong Kong
fell 48%/21%/34% in 1Q and 21%-48% in mainland China, while office rents have been more
resilient with positive rental reversion.
To cope with the sharp drop in passenger/cargo volume (-54%/-28% in January-April),
Cathay Pacific (00293) has asked its staff to take unpaid leave and has made some layoffs
in selective locations.
Coca Cola also warned that its global volume has fallen by around 25% since the
beginning of April as the social distancing measures and lockdowns around the world have
hurt sales primarily outside of homes, with stadiums/entertainment centers, which account
for about half of revenues, remain closed. (KL)

Remark: Real time quote last updated: 10/07/2020 17:58
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