Morningside Retains SWIRE PACIFIC A Fair Value Estimate at HK$86, Notes Dividend Exceeds Expectations

Stock News
03/17

Morningside has released a research report maintaining its fair value estimate of HK$86 for SWIRE PACIFIC A, which carries a narrow economic moat rating. The forecast remains largely unchanged, with the view that the stock is reasonably valued. Morningside anticipates a compound annual growth rate of 12.6% in operating profit over the next three years, supported by a lower base in 2025 and a recovery in the property segment by 2027-2028. Cathay Pacific Airways is expected to contribute to robust growth in 2025, although its influence is projected to diminish thereafter. Rising aviation fuel costs present a near-term risk. As expected, weak rental conditions in the Hong Kong office market have negatively impacted property earnings for 2025. However, the firm believes that projects under the HK$100 billion investment plan will support mid-term profit growth, including the launch of new investment properties in mainland China and the sale of residential units. SWIRE PACIFIC A reported a 5% increase in recurring underlying profit for 2025, primarily driven by a 19% rise in the aviation business, partially offset by a decline in the property segment. Dividends grew by 13% to HK$3.8 per share. The dividend exceeded expectations, largely due to improved capital recycling in the property business. Management reaffirmed its progressive dividend policy and ongoing commitment to maintaining a core payout ratio of at least 50%. As a result, Morningside has raised its 2026 dividend forecast to HK$3.99 per share.

免責聲明:投資有風險,本文並非投資建議,以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請,作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考,不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證,投資者應自行研究並在投資前尋求專業建議。

熱議股票

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10