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First Pacific Co (0142) AI Stock Analysis
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First Pacific Co
(HKEX:0142)
The score is supported primarily by improving profitability and a strong 2025 cash flow rebound, plus very attractive valuation (low P/E and high dividend yield). These positives are moderated by balance-sheet leverage and weak technical momentum, while the latest earnings call was net positive (rating upgrade and strong operating-company performance) but flagged FX and refinancing-related risks.
First Pacific Co (0142) vs. iShares MSCI Hong Kong ETF (EWH)
- Market Cap
- HKD 2.34B
- Dividend Yield
- 5.91%
- Average Volume (3M)
- 3.82M
- Price to Earnings (P/E)
- 4.5
- Beta (1Y)
- 0.43
- Revenue Growth
- 4.57%
- EPS Growth
- -19.83%
- Country
- Hong Kong
- Employees
- 108,154
- Sector
- Consumer Defensive
- Sector Strength
- 62
- Industry
- Packaged Foods
First Pacific Co Business Overview & Revenue Model
Company Description
First Pacific Company Limited, established in 1981 and headquartered in Central, Hong Kong, functions as an investment management and holding company. Its diverse portfolio encompasses key sectors such as consumer food products, telecommunications, i...
How the Company Makes Money
First Pacific primarily makes money as a holding company by owning significant stakes in operating subsidiaries/associates and capturing their economic results. Its core earnings are driven by (1) profit contributions from its investee companies (rec...
First Pacific Co Earnings Call Summary
The call presented multiple strong operational achievements: record revenues and core profits at key operating companies (Indofood, MPIC businesses, PLDT), a credit rating upgrade, resilient recurring profit (second-highest ever), and growth in strategic areas (Maya fintech, PLP hydrogen-ready project, Philex Silangan). Offsetting these positives were notable headwinds: FX losses and currency depreciation reducing USD-reported contributions, a sharp drop in PLP core profit (-26%), cost pressures at Indofood (COGS +12% local currency), operational constraints at Padcal, regulatory uncertainty affecting Meralco, and an upcoming USD 350M bond refinancing. Overall, the highlights (broad strong operating performance, strategic investments, rating upgrade, and solid cash/free-cash-flow positions) materially outweigh the lowlights, though risks remain from FX, commodity/energy margins, and refinancing volatility.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Management reaffirmed a constructive outlook while flagging near‑term headwinds: S&P upgraded the group to BBB (stable) as First Pacific reported H1 recurring profit down 1% but still the second‑highest in its history, turnover +6%, contribution from operations -2%, and interim distribution unchanged at HKD0.03/share (yield ~5.4%). Financial metrics remain healthy with interest cover 4.8x, blended interest cost ~4.5%, average debt maturity 3.4 years, gross asset value USD4.8bn (Foods ~1/3, MPIC ~26%, PLDT ~>1/5, Philex ~<10%, PLP 9%), gross/net debt little changed, and a USD350m bond due Sept 2027 under active market monitoring. Operating guidance and unit metrics were detailed: Indofood core profit +7% with ICBP sales guide up to +7% and EBIT margin 20–22% (ICBP CapEx IDR5.5T + other Indofood IDR4T; CBP profit +1% to IDR5.4T, COGS +12%; overseas noodles +31% in Q2); MPIC and Meralco delivered record H1 results; PLDT reported highest ever H1 service revenue and EBITDA (EBITDA +1%), positive free cash flow, an 8% dividend yield and CapEx at 19% of service revenues in H1; Maya contribution to PLDT profit rose ~40% to PHP559m; PLP revenue +12% but core profit -26%, with a hydrogen‑ready plant capex ~USD1.2bn (equity ~USD450m; FP share ~USD150m, ~USD44m invested H1); and Philex saw revenues -9% but core profit +56% with Silangan on track for late‑2026 start.
First Pacific Co Financial Statement Overview
Summary
Profitability has improved materially (net income rising strongly through 2025) and 2025 operating/free cash flow rebounded sharply, but fundamentals are tempered by a debt-heavy balance sheet (historical debt-to-equity a little above 3x) and volatility in free cash flow and year-to-year growth.
Income Statement
74PositiveBalance Sheet
54NeutralCash Flow
66Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.51B | 10.23B | 10.06B | 10.51B | 10.30B | 9.10B |
| Gross Profit | 3.73B | 3.73B | 3.65B | 3.37B | 3.06B | 2.83B |
| EBITDA | 2.78B | 2.81B | 2.61B | 2.85B | 2.33B | 1.86B |
| Net Income | 570.58M | 661.00M | 600.30M | 501.20M | 391.60M | 244.50M |
Balance Sheet | ||||||
| Total Assets | 30.58B | 30.64B | 28.68B | 27.36B | 25.49B | 26.57B |
| Cash, Cash Equivalents and Short-Term Investments | 5.16B | 4.86B | 3.92B | 3.37B | 2.68B | 3.41B |
| Total Debt | 13.01B | 13.01B | 12.62B | 11.71B | 11.22B | 11.13B |
| Total Liabilities | 17.54B | 17.52B | 16.75B | 15.79B | 15.13B | 15.95B |
| Stockholders Equity | 4.44B | 4.39B | 3.93B | 3.69B | 3.30B | 3.30B |
Cash Flow | ||||||
| Free Cash Flow | 1.60B | 1.57B | 388.10M | 526.60M | 1.12B | 872.50M |
| Operating Cash Flow | 2.14B | 2.12B | 1.75B | 1.73B | 1.42B | 1.25B |
| Investing Cash Flow | -993.12M | -1.06B | -1.63B | -1.48B | -2.01B | -730.50M |
| Financing Cash Flow | -39.40M | -171.25M | 466.90M | 88.00M | 75.30M | 305.40M |
First Pacific Co Peers Comparison
Overall Rating
HK:034575Outperform
HK:015170Outperform- HK:014267.55Neutral
HK:028865Neutral
HK:231960Neutral
HK:032257Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| HK:0345 | 75Outperform | HKD 6.21B | 23.63 | 9.30% | 2.85% | -3.39% | 20.09% |
| HK:0151 | 70Outperform | HKD 32.92B | 5.78 | 25.72% | 3.82% | 5.80% | -9.69% |
| HK:0142 | 68Neutral | HKD 20.29B | 4.53 | 12.92% | 5.91% | 4.57% | -19.83% |
| HK:0288 | 65Neutral | HKD 81.66B | 6.73 | 13.85% | 14.29% | 5.58% | -3.88% |
| Sector * | 62Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% |
| HK:2319 | 60Neutral | HKD 76.72B | 35.11 | 4.53% | 3.01% | 3.48% | ― |
| HK:0322 | 57Neutral | HKD 71.31B | 12.78 | 33.44% | 3.64% | 3.53% | 17.26% |
* Consumer Defensive Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| HK:0142 | First Pacific Co | 4.76 | -1.14 | -19.26% | |
| HK:0151 | Want Want China | 2.83 | -2.09 | -42.54% | |
| HK:0288 | Wh Group (OTC) | 6.37 | -0.90 | -12.35% | |
| HK:2319 | China Mengniu Dairy Co | 19.86 | 6.17 | 45.06% | |
| HK:0322 | Tingyi (Cayman Islands) Holding Corp | 12.65 | 2.50 | 24.68% | |
| HK:0345 | Vitasoy International Holdings | 6.14 | -1.21 | -16.39% |
First Pacific Co Corporate Events
First Pacific lifts revenue but profits slide as leverage eases in H1 2026
First Pacific reported a 5.7% rise in turnover to US$5.32 billion for the first half of 2026, but saw profit contribution from operations edge down 1.8% and recurring profit fall 2.5%. Profit attributable to shareholders dropped 22.9%, dragging basic...
First Pacific Declares Interim HKD 0.13 Dividend for First Half of 2026
First Pacific Company Limited has declared an interim ordinary cash dividend of HKD 0.13 per share for the six months ended 30 June 2026, for the financial year ending 31 December 2026. The dividend will be paid in Hong Kong dollars, with the ex-divi...
First Pacific flags PLDT financial updates and potential impact on group
First Pacific Company Limited has issued a voluntary supplemental announcement highlighting new disclosures by its key associate, PLDT Inc., regarding the latter’s unaudited consolidated financial results for the six months ended 30 June 2026....
First Pacific Sets Board Meeting to Approve 2026 Interim Results and Weigh Distribution
First Pacific Company Limited has scheduled a board meeting for 27 August 2026 to review and approve its unaudited consolidated interim results for the six months ended 30 June 2026. The board will also consider whether to declare an interim distribu...
First Pacific Affiliate MPIC Delivers Higher Core Earnings Despite One-Off Drag
Metro Pacific Investments Corporation, a major Philippine infrastructure and utilities conglomerate in which First Pacific holds an economic interest of about 49.9%, reported stable balance sheet metrics for the first half of 2026, with total assets,...
First Pacific flags PLDT’s half-year 2026 results filing
First Pacific has issued an overseas regulatory announcement highlighting a disclosure by its major operating associate PLDT Inc. to the Philippine Stock Exchange. The filing relates to PLDT’s submission of a regulatory report and an accompanyi...
First Pacific Reports Slight Profit Dip at Key Telecom Associate PLDT for First Half 2026
First Pacific has disclosed the unaudited consolidated financial results of its major associate PLDT Inc. for the six months ended 30 June 2026, in line with Hong Kong listing and securities regulations. PLDT, which is 25.6% owned economically by Fir...
Indofood Delivers Solid H1 2026 Operating Growth Despite FX-Driven Profit Decline
Indofood reported a 9% rise in consolidated net sales to Rp65.53 trillion for the first half of 2026, supported by a 14% increase in income from operations to Rp13.29 trillion and a robust operating margin of 20.3%. Despite this solid operating perfo...
Indofood Posts Strong Revenue Growth but Higher Finance Costs Trim First-Half Profit
Indofood reported unaudited consolidated net sales of Rp65.53 trillion for the six months ended 30 June 2026, up from Rp59.84 trillion a year earlier, lifting gross profit to Rp21.38 trillion from Rp19.83 trillion. Operating income rose to Rp13.29 tr...
First Pacific Updates Bermuda Registered Office and Share Registry Address
First Pacific Company Limited has announced a change to its registered office, principal share registrar, and transfer agent address in Bermuda, effective 3 August 2026, with these functions moving to Richmond House, 12 Par-la-Ville Road, Hamilton HM...
First Pacific’s PLDT Unit Moves to Launch Philippines’ First Digital Infrastructure REIT
First Pacific’s major associate PLDT is advancing its digital infrastructure strategy through VITRO Inc., a wholly owned subsidiary of ePLDT, which has filed a registration statement and REIT plan with Philippine regulators for a proposed initi...
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.
Date of analysis: Aug 27, 2026