Swire Pacific Limited Class A (HK:0019)
:0019
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Swire Pacific
(0019)
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Rating:68Neutral
Price Target:
HK$90.00
▲(33.73% Upside)
Action:ReiteratedDate:03/13/26
The score is driven primarily by resilient financials (strong balance sheet and solid cash generation) and constructive technical momentum (price above major moving averages with a positive MACD). Offsetting factors include earnings/margin volatility and a relatively high P/E, while the latest earnings call was supportive on cash generation and dividends but cautious due to property and regional demand headwinds.
Positive Factors
Balance sheet resilience
A sizable equity base and moderate leverage give the group durable financial flexibility. This supports funding of large development programs, cushions cyclical revenue swings, preserves credit capacity for strategic M&A or capex, and underpins a progressive dividend policy.
Negative Factors
Earnings and margin volatility
Persistent swings in statutory profit and a compressing net margin reduce earnings predictability. For a conglomerate with valuation tied to asset values and associates, volatile below‑gross items and one‑off valuation changes can materially move reported profits and complicate forecasting.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet resilience
A sizable equity base and moderate leverage give the group durable financial flexibility. This supports funding of large development programs, cushions cyclical revenue swings, preserves credit capacity for strategic M&A or capex, and underpins a progressive dividend policy.
Read all positive factors
Swire Pacific (0019) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$105.51B
Dividend Yield5.26%
Average Volume (3M)1.33M
Price to Earnings (P/E)29.0
Beta (1Y)0.48
Revenue Growth6.44%
EPS Growth-95.37%
CountryHK
Employees87,000
SectorIndustrials
Sector Strength72
IndustryConglomerates
Share Statistics
EPS (TTM)1.57
Shares Outstanding778,988,000
10 Day Avg. Volume1,454,824
30 Day Avg. Volume1,329,903
Financial Highlights & Ratios
PEG Ratio-1.00
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$90.83Price Target Upside34.96% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)8.1
Revenue Forecast (FY)HK$95.95B
Swire Pacific Business Overview & Revenue Model
Company Description
Swire Pacific Limited is a diversified investment holding company based in Hong Kong, operating primarily in sectors such as property, aviation, beverages, and marine services. The company is involved in the development, ownership, and management ...
How the Company Makes Money
Swire Pacific makes money primarily by owning and operating businesses that generate recurring operating income, while also realizing gains from development and investment activities.
1) Property (via Swire Properties and related interests)
- Rec...
Swire Pacific Earnings Call Summary
Earnings Call Date:Aug 07, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The call highlighted strong performances in the Property and Aviation divisions, with successful property sales and strategic investments in new facilities. However, challenges in the Hong Kong office market and Southeast Asia beverages segment, along with subdued consumer demand in the Chinese Mainland, present notable concerns. The sentiment is balanced by record cash generation and increased dividends.Positive Updates
Strong Underlying Profit in Property Division
The Property division reported strong underlying profit, bolstered by the successful disposal of retail and land in Miami. The division is 67% committed to a HKD 100 billion investment plan, with 7 major projects under construction in the Chinese Mainland.
Negative Updates
Soft Hong Kong Office Market
The Hong Kong office market remains soft, affecting rental income and resulting in high losses from property trading.
Read all updates
Q2-2025 Updates
Positive
Negative
Strong Underlying Profit in Property Division
The Property division reported strong underlying profit, bolstered by the successful disposal of retail and land in Miami. The division is 67% committed to a HKD 100 billion investment plan, with 7 major projects under construction in the Chinese Mainland.
Read all positive updates
Company Guidance
In the Swire Pacific 2025 Interim Results Analyst Briefing, the company provided detailed guidance across its core divisions. Swire Properties reported a 15% increase in underlying profit, primarily driven by strategic disposals in Miami and strong sales in Shanghai, while being 67% committed to a HKD 100 billion investment plan. The Beverages division showed resilience with a 3% revenue increase in the Chinese Mainland and positive EBITDA growth, despite challenges in Southeast Asia, including currency depreciation and competitive conditions. Aviation saw a 40% rise in recurring profit for HAECO and a 1% increase for Cathay Pacific. The group maintained a strong balance sheet with a gearing ratio at 23% and HKD 64 billion in liquidity, while dividends increased by 4% to HKD 130 per A Share. The outlook remains cautious due to market uncertainties, particularly in Hong Kong and Southeast Asia, but the company is focused on long-term strategic investments and maintaining a progressive dividend policy.Swire Pacific Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
68
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 90.47B | 81.97B | 94.82B | 91.17B | 90.80B |
| Gross Profit | 33.74B | 30.46B | 35.15B | 34.19B | 35.28B |
| EBITDA | 15.50B | 14.62B | 35.57B | 16.07B | 16.41B |
| Net Income | 2.94B | 4.32B | 28.85B | 4.20B | 5.12B |
Balance Sheet | |||||
| Total Assets | 476.41B | 476.56B | 447.75B | 434.77B | 436.32B |
| Cash, Cash Equivalents and Short-Term Investments | 23.17B | 21.03B | 14.08B | 11.61B | 22.89B |
| Total Debt | 98.29B | 99.47B | 74.90B | 74.34B | 68.25B |
| Total Liabilities | 160.18B | 157.89B | 122.98B | 118.83B | 112.15B |
| Stockholders Equity | 259.58B | 258.30B | 268.13B | 258.46B | 266.95B |
Cash Flow | |||||
| Free Cash Flow | 8.96B | 6.05B | 6.32B | 4.73B | 7.45B |
| Operating Cash Flow | 14.55B | 10.46B | 9.92B | 8.16B | 11.66B |
| Investing Cash Flow | -1.70B | -14.60B | 13.03B | -17.54B | -6.34B |
| Financing Cash Flow | -12.32B | 12.62B | -21.73B | -1.40B | -12.34B |
Swire Pacific Technical Analysis
Positive
67.30
Price Trends
81.30
Positive
73.97
Positive
70.45
Positive
Market Momentum
1.68
Positive
62.15
Neutral
53.26
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 67.3 is below the 20-day moving average (MA) of 85.27, below the 50-day MA of 81.30, and below the 200-day MA of 70.45, indicating a bullish trend. The MACD of 1.68 indicates Positive momentum. The RSI at 62.15 is Neutral, neither overbought nor oversold. The STOCH value of 53.26 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | HK$22.12B | 2.84 | 6.12% | 5.00% | 7.45% | 11.56% | |
69 Neutral | HK$105.51B | 28.96 | 1.14% | 5.73% | 6.44% | -95.37% | |
68 Neutral | HK$105.51B | 28.96 | 1.14% | 5.26% | 6.44% | -95.37% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | HK$232.68B | 17.13 | 2.12% | 4.02% | 1.93% | -65.62% | |
60 Neutral | HK$38.42B | 7.30 | 5.66% | 4.94% | ― | ― | |
42 Neutral | HK$35.01B | -1.40 | -3.73% | 0.44% | -8.93% | -698.78% |
* Industrials Sector Average
HK:0019
Swire Pacific
87.50
27.71
46.34%
HK:0392
Beijing Enterprises Holdings
30.54
3.59
13.31%
HK:0001
CK Hutchison Holdings
60.75
23.96
65.11%
HK:0656
Fosun International
4.29
0.33
8.28%
HK:0053
Guoco Group
68.00
11.18
19.68%
HK:0087
Swire Pacific Limited Class B
13.11
3.62
38.15%
Swire Pacific Corporate Events
Swire Pacific to Sell 2.52% Stake in Cathay Pacific via HK$11.74 Share Placing
Mar 12, 2026
Swire Pacific has agreed to sell 153,059,000 Cathay Pacific Airways shares, representing about 2.52% of Cathay’s issued share capital (excluding treasury shares), at HK$11.74 per share through a placing handled by J.P. Morgan and Morgan Stan...
Swire Pacific Lifts Dividends as Underlying Profit Rises Despite Property Valuation Hit
Mar 12, 2026
Swire Pacific reported a 10% rise in revenue to HK$90.47 billion for 2025, with underlying profit attributable to shareholders up 9% to HK$11.37 billion and recurring underlying profit up 5%. However, reported profit fell 32% to HK$2.94 billion, l...
Swire Pacific Declares Second Interim Dividend of HKD 2.5 Per Share for 2025
Mar 12, 2026
Swire Pacific Limited has declared a second interim ordinary dividend of HKD 2.5 per share for the financial year ending 31 December 2025, payable in Hong Kong dollars. The dividend will be paid on 8 May 2026, with shares trading ex-dividend on 8 ...
Swire Pacific Reshapes Vietnam Coca-Cola Stake Sale via Share Deal
Feb 27, 2026
Swire Pacific has restructured the planned disposal of a 30% minority interest in its Coca-Cola bottling operation in Vietnam, originally agreed via a charter capital sale from Coca-Cola Indochina Pte. Ltd. to ThaiNamthip Corporation Public Compan...
Swire Properties Posts Stable Q4 2025 Operations and Accelerates Mainland China Development Pipeline
Feb 5, 2026
Swire Properties reported stable performance across its core office and retail investment properties in the fourth quarter of 2025, with Hong Kong office occupancy for key assets such as Pacific Place and Taikoo Place broadly in the high 80s to mi...
Swire Pacific Sets 2026 Leadership Transition as Patrick Healy Retires
Dec 23, 2025
Swire Pacific has announced that long-serving executive Patrick Healy will retire from the Swire group and step down as an executive director of Swire Pacific on 13 May 2026, triggering a series of leadership changes across key subsidiaries. Healy...
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.