Want to see HK:0019 full AI Analyst Report?
Top Page
Swire Pacific
(0019)
Select Model
Select Model
Rating:73Outperform
Price Target:
HK$120.00
â–²(15.05% Upside)
Action:Upgraded
Date:08/06/26
The score is driven by strong technical momentum and a constructive earnings-call outlook (profit growth, higher dividend, and strengthening balance sheet). Financial fundamentals are solid but tempered by earnings volatility. Valuation is the main restraint due to a high P/E despite a decent dividend yield.
Positive Factors
Strong profit growth
The sharp increase in underlying and recurring profit shows broad operating momentum across the portfolio, rather than reliance on a single business. Property, beverages, and aviation all contributed, strengthening internal funding capacity and supporting earnings resilience over the next several quarters.
Negative Factors
Earnings volatility
The decline in net margin and history of volatile earnings reduce predictability, even though gross margins have remained relatively steady. Swings below gross profit can make recurring earnings harder to assess and may constrain confidence in the durability of reported profit growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profit growth
The sharp increase in underlying and recurring profit shows broad operating momentum across the portfolio, rather than reliance on a single business. Property, beverages, and aviation all contributed, strengthening internal funding capacity and supporting earnings resilience over the next several quarters.
Read all positive factors
Swire Pacific (0019) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$128.20B
Dividend Yield3.73%
Average Volume (3M)1.15M
Price to Earnings (P/E)16.4
Beta (1Y)0.51
Revenue Growth6.76%
EPS Growth618.77%
CountryHK
Employees92,000
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)6.52
Shares Outstanding778,988,000
10 Day Avg. Volume1,090,574
30 Day Avg. Volume1,146,100
Financial Highlights & Ratios
PEG Ratio-0.96
Price to Book (P/B)0.33
Price to Sales (P/S)0.94
P/FCF Ratio9.50
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$99.38Price Target Upside-4.72% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)9.3
Revenue Forecast (FY)HK$97.87B
Swire Pacific Business Overview & Revenue Model
Company Description
Swire Pacific Limited is a diversified conglomerate, founded in Central, Hong Kong, in 1816, with extensive global operations in property, aviation, beverages, marine, and trading and industrial sectors, particularly across Hong Kong, Mainland Chi...
How the Company Makes Money
Swire Pacific makes money primarily through a mix of (1) property operations, (2) beverage bottling and distribution, and (3) returns from aviation-related investments and services.
1) Property (recurring income and development profits): The gro...
Swire Pacific Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 11, 2027
Earnings Call Sentiment Positive
The call conveyed a clearly positive operating and financial performance for H1 2026: record underlying profits, healthy divisional growth (especially property and aviation), a stronger balance sheet, continued and large-scale strategic investments across property, beverages and aviation, and progress on sustainability. These positives are tempered by cost pressures from commodity volatility (oil and aluminum), localized profit declines in parts of Southeast Asia for beverages (largely explained by one-offs and commodity headwinds), and some near-term cyclical risks in Hong Kong offices and aviation Q2 oil-price sensitivity. On balance the company appears well-positioned with robust cash generation, low gearing and an active investment program, but remains exposed to macro and commodity risks in H2.Positive Updates
Record Underlying and Recurring Profits
Underlying profit increased 43% year-on-year to HKD 7.8 billion; recurring underlying profit was ~HKD 7.0 billion, up 48% year-on-year. Management highlighted this as the highest underlying profit reported for the group.
Negative Updates
Commodity and Input Cost Pressure
Elevated oil and aluminum prices (linked to Middle East conflict) and logistics cost volatility present margin risk into H2 2026. Management expects ongoing input-cost pressure, particularly affecting bottlers worldwide and Southeast Asia beverages.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Underlying and Recurring Profits
Underlying profit increased 43% year-on-year to HKD 7.8 billion; recurring underlying profit was ~HKD 7.0 billion, up 48% year-on-year. Management highlighted this as the highest underlying profit reported for the group.
Read all positive updates
Company Guidance
Management guided that momentum should continue into H2, barring any major shocks, supported by record capex and a strengthened balance sheet: H1 underlying profit rose 43% to HKD 7.8bn (recurring underlying profit ~HKD 7bn, +48%) with divisional RUP up: Property +37%, Beverages +5% and Aviation +39%; the board raised the interim dividend 15% to HKD 1.50 per A share. They reaffirmed heavy investment plans (HKD/CNY metrics cited include a HKD100bn property plan ~70% committed with 7 Mainland projects, and a CNY12bn Mainland beverage investment) while maintaining financial prudence (gearing down to 19.3%, debt down 4%, weighted average cost of debt 3.4%, 75% fixed-rate borrowings, refinancing being pushed toward 2031–2032). Portfolio-specific targets include Swire Coca‑Cola recurring profit HKD 907m (+5%; Mainland HKD 727m, +24%; VN/Cambodia HKD 98m, −13%; TH/LAO HKD 95m, −10%; HK HKD 58m, +5%; group EBITDA +11%, margin 12.9% vs 12.8%), Cathay Group commitments of HKD 150bn (targeting ~150 aircraft/150 destinations over 10 years, capacity +11.8%), HAECO expansion (Xiamen opening and Vietnam base MRO in 2028) and an exchangeable bond on Cathay expiring June next year.Swire Pacific Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 94.14B | 90.47B | 81.97B | 94.82B | 91.17B | 90.80B |
| Gross Profit | 33.94B | 33.74B | 30.46B | 35.15B | 34.19B | 35.28B |
| EBITDA | 15.26B | 14.54B | 14.62B | 35.57B | 16.07B | 16.41B |
| Net Income | 8.89B | 2.94B | 4.32B | 28.85B | 4.20B | 5.12B |
Balance Sheet | ||||||
| Total Assets | 482.04B | 476.41B | 476.56B | 447.75B | 434.77B | 436.32B |
| Cash, Cash Equivalents and Short-Term Investments | 22.25B | 23.17B | 21.03B | 14.08B | 11.61B | 22.89B |
| Total Debt | 95.14B | 98.29B | 99.47B | 74.90B | 74.34B | 68.25B |
| Total Liabilities | 158.95B | 160.18B | 157.89B | 122.98B | 118.83B | 112.15B |
| Stockholders Equity | 266.32B | 259.58B | 258.30B | 268.13B | 258.46B | 266.95B |
Cash Flow | ||||||
| Free Cash Flow | 11.00B | 8.96B | 6.05B | 6.32B | 4.73B | 7.45B |
| Operating Cash Flow | 15.84B | 14.55B | 10.46B | 9.92B | 8.16B | 11.66B |
| Investing Cash Flow | 942.00M | -1.70B | -14.60B | 13.03B | -17.54B | -6.34B |
| Financing Cash Flow | -21.13B | -12.32B | 12.62B | -21.73B | -1.40B | -12.34B |
Swire Pacific Technical Analysis
Positive
104.30
Price Trends
95.83
Positive
89.63
Positive
80.93
Positive
Market Momentum
2.65
Positive
69.42
Neutral
63.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0019, the sentiment is Positive. The current price of 104.3 is above the 20-day moving average (MA) of 103.47, above the 50-day MA of 95.83, and above the 200-day MA of 80.93, indicating a bullish trend. The MACD of 2.65 indicates Positive momentum. The RSI at 69.42 is Neutral, neither overbought nor oversold. The STOCH value of 63.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0019.
Swire Pacific Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | HK$23.29B | 5.50 | 6.12% | 5.00% | 2.39% | 7.81% | |
73 Outperform | HK$128.20B | 16.43 | 3.38% | 3.73% | 6.76% | 618.77% | |
64 Neutral | HK$265.61B | 7.13 | 6.62% | 3.29% | -2.34% | 388.55% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | HK$393.30B | 5.86 | 8.21% | 4.80% | 12.61% | 10.92% | |
61 Neutral | HK$40.00B | 6.75 | 5.76% | 5.41% | 5.30% | 0.81% | |
51 Neutral | HK$41.43B | -1.60 | -23.63% | 0.39% | -1.33% | -409.12% |
* Industrials Sector Average
HK:0019
Swire Pacific
107.10
41.63
63.58%
HK:0392
Beijing Enterprises Holdings
31.50
-2.24
-6.65%
HK:0001
CK Hutchison Holdings
70.35
20.03
39.79%
HK:0267
CITIC
13.78
2.14
18.42%
HK:0656
Fosun International
5.14
-0.51
-9.03%
HK:0053
Guoco Group
72.00
-0.04
-0.05%
Swire Pacific Corporate Events
Swire Pacific Nears Full Bond Cancellation, Trims Cathay Pacific Stake
Sep 9, 2026
Swire Pacific Limited has completed an accelerated exchange trade involving bonds linked to its stake in Cathay Pacific Airways and conducted an additional bond buyback from remaining holders. The company repurchased a further HK$6 million in prin...
Swire Pacific Locks In Gains with Accelerated Exchange of Cathay-Linked Bonds
Sep 1, 2026
Swire Pacific has executed an accelerated exchange trade involving the repurchase of nearly all its outstanding exchangeable bonds linked to Cathay Pacific and a concurrent placement of Cathay Pacific shares. The company repurchased HK$4,689 milli...
Swire Pacific explores accelerated exchange of HK$4.7bn Cathay-linked bonds
Sep 1, 2026
Swire Pacific Limited has initiated a potential accelerated exchange trade involving its HK$4.7 billion zero-coupon exchangeable bonds due 2027, issued by wholly owned unit Swire Pacific Finance and exchangeable into Cathay Pacific Airways shares....
Swire Pacific Publishes Comprehensive 2026 Interim Results
Aug 6, 2026
Swire Pacific has released its 2026 interim results announcement, providing a comprehensive package of financial and operational information for the first half of the year. The document includes the chairman’s statement, performance highligh...
Swire Pacific Declares First Interim Dividend of HKD 1.5 per Share for 2026
Aug 6, 2026
Swire Pacific Limited has declared a first interim ordinary dividend of HKD 1.5 per share for the financial year ending 31 December 2026, based on the reporting period to 30 June 2026. The dividend will be paid in Hong Kong dollars, with an ex-div...
Swire Pacific Cuts Exchange Price on HK$4.7 Billion Cathay-Pacific-Linked Bonds
Aug 5, 2026
Swire Pacific has announced an adjustment to the exchange price of its HK$4.7 billion zero-coupon exchangeable bonds due 2027 issued by Swire Pacific Finance Limited, following Cathay Pacific Airways’ declaration of a 2026 interim dividend. ...
Swire Properties posts strong Q2 occupancy and retail sales as China projects advance
Jul 31, 2026
Swire Properties reported solid operating metrics for the second quarter of 2026, with Hong Kong office occupancy edging up to 92% including new towers, and key mainland office projects maintaining high occupancy in Beijing, Guangzhou and Shanghai...
Swire Pacific Secures Vienna Listing for HK$4.7 Billion Exchangeable Bonds
Jul 7, 2026
Swire Pacific Limited has announced that its financing subsidiary, Swire Pacific Finance Limited, has secured approval from the Vienna Stock Exchange for the listing and trading of HK$4.7 billion zero-coupon exchangeable bonds due 2027. The bonds,...
Swire Pacific Sets August Board Meeting to Approve Interim Results and Dividends
Jun 29, 2026
Swire Pacific has scheduled a board meeting for 6 August 2026 to approve the announcement of its interim results for the six months ending 30 June 2026 and to consider the declaration of first interim dividends for 2026. The timing signals the com...
Swire Pacific Unit Plans HK$4.7 Billion Exchangeable Bond Issue Linked to Cathay Pacific
Jun 9, 2026
Swire Pacific Finance, a wholly owned subsidiary of Swire Pacific Limited, has agreed to issue HK$4.7 billion in exchangeable bonds, guaranteed by Swire Pacific, that can be swapped into Cathay Pacific Airways shares at an initial exchange price o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.