[ET Net News Agency, 8 January 2018] Goldman Sachs said Swire Pacific (00019) gave an
update on its latest operating performance during an analyst briefing on 5 January.
Overall, businesses trended in line with its 1H 2017.
Factoring these and updated forecasts for Swire Properties (01972) and Cathay Pacific
(00293), the research house fine-tuned its 2017-19 EPS forecasts and maintained its target
price for Swire Pacific at HK$90.
While current share price implies 28% holdco NAV discount (versus 20% long-term
average), Goldman maintained its "neutral" rating as the visibility on earnings recovery
in marine and aviation remains limited. (KL)