Want to see HK:0142 full AI Analyst Report?
Top Page
First Pacific Co
(0142)
Select Model
Select Model
Rating:66Neutral
Price Target:
HK$5.00
▼(-14.97% Downside)
Action:Downgraded
Date:04/09/26
The score is driven primarily by solid fundamentals (improving profitability and 2025 cash-flow rebound) but tempered by a leveraged balance sheet and volatile cash conversion. Valuation is a major positive (very low P/E and strong yield), while technical signals remain weak (below key moving averages with negative momentum). Earnings-call commentary supports a constructive outlook, though refinancing and geopolitical energy risks remain notable.
Positive Factors
Diversified operating portfolio
First Pacific’s exposure across consumer food (Indofood), telecom (PLDT/Maya) and infrastructure (MPIC) creates multiple cash engines. Large, independent operating subsidiaries delivering record revenues reduce single‑market dependence and support durable upstream dividend potential and stability of holding‑company cash flows.
Negative Factors
Elevated leverage
The holding’s elevated leverage and historically high debt‑to‑equity ratio constrain financial flexibility. Higher absolute debt amplifies sensitivity to profit or cash setbacks, limits manoeuvring room for opportunistic M&A or buybacks, and increases refinancing exposure if operating cash flow weakens or interest rates rise.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified operating portfolio
First Pacific’s exposure across consumer food (Indofood), telecom (PLDT/Maya) and infrastructure (MPIC) creates multiple cash engines. Large, independent operating subsidiaries delivering record revenues reduce single‑market dependence and support durable upstream dividend potential and stability of holding‑company cash flows.
Read all positive factors
First Pacific Co (0142) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$22.27B
Dividend Yield4.46%
Average Volume (3M)4.21M
Price to Earnings (P/E)4.3
Beta (1Y)0.26
Revenue Growth1.65%
EPS Growth9.66%
CountryHK
Employees108,154
SectorConsumer Defensive
Sector Strength42
IndustryPackaged Foods
Share Statistics
EPS (TTM)0.15
Shares Outstanding4,262,120,000
10 Day Avg. Volume3,867,510
30 Day Avg. Volume4,207,898
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)0.74
Price to Sales (P/S)0.32
P/FCF Ratio2.08
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.18
Revenue Forecast (FY)HK$10.38B
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...
How the Company Makes Money
First Pacific makes money primarily through returns from its investee companies rather than by selling products directly at the holding-company level. Its key earnings sources are (1) dividends and profit contributions from major operating holding...
First Pacific Co Earnings Call Summary
Earnings Call Date:Mar 30, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 27, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial performance for FY2025: record recurring and net profits, record revenues at several major subsidiaries, improved interest coverage, and strong shareholder distributions. There are, however, notable near-term risks and constraints — chiefly PLP earnings pressure due to lower power prices, potential LNG/gas supply disruption from the Middle East, one-off impairments at FP Natural Resources, and refinancing uncertainty for a 2027 bond. Management communicated cautious optimism and prudent liquidity and refinancing planning. Overall, the positives (record results, dividend upgrades, improved coverage metrics, and strategic project progress) outweigh the described lowlights, though geopolitical and refinancing risks warrant monitoring.Positive Updates
Record and Rising Profits
Recurring profit increased 10% year-on-year to $740 million (from $673 million in 2024). Net profit rose 10% to a record $661 million. The company notes a multi-year trend of rising profits, more than doubling recurring profit since 2018 (from ~ $290 million to $740 million).
Negative Updates
PacificLight Power (PLP) Earnings Decline
PLP reported slightly lower earnings and sales in 2025; market share steady at 9.6% but monthly average electricity prices have fallen significantly from the high levels seen in 2023, pressuring near-term results.
Read all updates
Q4-2025 Updates
Positive
Negative
Record and Rising Profits
Recurring profit increased 10% year-on-year to $740 million (from $673 million in 2024). Net profit rose 10% to a record $661 million. The company notes a multi-year trend of rising profits, more than doubling recurring profit since 2018 (from ~ $290 million to $740 million).
Read all positive updates
Company Guidance
Management's guidance was cautiously optimistic: FY2025 momentum underpins a constructive 2026 outlook with group turnover +2% to just over $10bn, recurring profit +10% to $740m (from $673m) and net profit +10% to $661m, enabling a final dividend of HKD0.14 and a record full‑year distribution of HKD0.27 per share (regular DPS +6% y/y and ~+10% including a ~HKD0.15 Maynilad special); head office dividend income was HKD311m and management says it returns >70% of free cash while retaining funds to co‑fund PLP’s gas project. Balance‑sheet guidance: no material maturities until a $350m bond due Sep‑2027 (a $200m 2026 facility was pushed to 2031), average debt maturity ~3.2 years, interest cost ≈4.6%, ~54% fixed‑rate coverage and interest coverage of 4.5x (up from 4.0x). Operationally, Indofood (core profit +1%) and MPIC (core profit +15%, valuation ≈$1.3bn) are expected to drive growth, PLDT maintains a 52% EBITDA margin with Maya (38% owned) now profitable, PLP has 9.6% market share and negligible net debt (<SGD40m) with a new plant targeting commercial operations in 2029, Maynilad tariff adjustment ~4% in 2026, and management will monitor Middle East fuel risks, pursue refinancing options for the 2027 bond (preferring a bond tenor if market allows) and keep capital‑market opportunities under review.First Pacific Co Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
54
Neutral
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 10.23B | 10.06B | 10.51B | 10.30B | 9.10B |
| Gross Profit | 3.73B | 3.65B | 3.37B | 3.06B | 2.83B |
| EBITDA | 2.76B | 2.61B | 2.85B | 2.27B | 1.79B |
| Net Income | 661.00M | 600.30M | 501.20M | 391.60M | 244.50M |
Balance Sheet | |||||
| Total Assets | 30.64B | 28.68B | 27.36B | 25.49B | 26.57B |
| Cash, Cash Equivalents and Short-Term Investments | 4.86B | 3.92B | 3.37B | 2.68B | 3.41B |
| Total Debt | 13.01B | 12.62B | 11.71B | 11.22B | 11.13B |
| Total Liabilities | 17.52B | 16.75B | 15.79B | 15.13B | 15.95B |
| Stockholders Equity | 4.39B | 3.93B | 3.69B | 3.30B | 3.30B |
Cash Flow | |||||
| Free Cash Flow | 1.57B | 388.10M | 526.60M | 1.12B | 872.50M |
| Operating Cash Flow | 2.12B | 1.75B | 1.73B | 1.42B | 1.25B |
| Investing Cash Flow | -1.06B | -1.63B | -1.48B | -2.01B | -730.50M |
| Financing Cash Flow | -171.25M | 466.90M | 88.00M | 75.30M | 305.40M |
First Pacific Co Technical Analysis
Neutral
5.88
Price Trends
5.13
Positive
5.40
Negative
5.72
Negative
Market Momentum
<0.01
Negative
61.55
Neutral
91.96
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0142, the sentiment is Neutral. The current price of 5.88 is above the 20-day moving average (MA) of 4.99, above the 50-day MA of 5.13, and above the 200-day MA of 5.72, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 61.55 is Neutral, neither overbought nor oversold. The STOCH value of 91.96 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:0142.
First Pacific Co Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | HK$105.72B | 8.61 | 14.17% | 6.66% | 7.95% | -2.88% | |
66 Neutral | HK$22.27B | 4.31 | 15.19% | 4.46% | 1.65% | 9.66% | |
63 Neutral | HK$65.34B | 12.54 | 23.34% | 5.46% | -1.95% | 20.50% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
60 Neutral | HK$40.57B | 7.17 | 23.55% | 3.26% | 5.80% | -9.69% | |
59 Neutral | HK$69.16B | 39.72 | 3.77% | 3.62% | -7.24% | 1390.75% | |
41 Neutral | HK$5.18B | -6.08 | -8.13% | ― | 13.83% | -240.97% |
* Consumer Defensive Sector Average
HK:0142
First Pacific Co
5.23
-0.56
-9.61%
HK:0151
Want Want China Holdings
3.44
-2.03
-37.10%
HK:0288
WH Group
8.24
0.89
12.06%
HK:2319
China Mengniu Dairy Co
17.90
1.42
8.64%
HK:0322
Tingyi (Cayman Islands) Holding
11.59
0.66
6.05%
HK:1610
COFCO Joycome Foods Limited
1.13
-0.73
-39.25%
First Pacific Co Corporate Events
First Pacific’s PLDT Unit Moves to Launch Philippines’ First Digital Infrastructure REIT
Jun 22, 2026
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 in...
First Pacific shareholders back AGM resolutions, approve dividend and board re-elections
May 22, 2026
First Pacific Company Limited reported that all resolutions at its 22 May 2026 annual general meeting were approved by shareholders through a poll, with no requirements for abstentions under Hong Kong listing rules and no stated opposition in adva...
First Pacific Highlights PLDT’s Q1 2026 Financial Disclosure to Philippine Bourse
May 14, 2026
First Pacific Company Limited has issued an overseas regulatory announcement highlighting a disclosure by its major associate, PLDT Inc., to the Philippine Stock Exchange regarding PLDT’s unaudited consolidated financial results for the quar...
First Pacific Highlights Slight Earnings Dip at Key Telecom Associate PLDT in Q1 2026
May 14, 2026
First Pacific has disclosed that its major operating associate, Philippine telecoms group PLDT Inc., has released unaudited consolidated financial results for the quarter ended 31 March 2026, prepared under Philippine financial reporting standards...
MPIC Delivers Resilient Q1 2026 Earnings as Power and Healthcare Offset Energy Volatility
May 6, 2026
Metro Pacific Investments Corporation, an infrastructure‑focused affiliate of First Pacific with major operations in power, water, toll roads and healthcare in the Philippines, reported resilient financial performance for the three months en...
Indofood Delivers Higher Sales and Profit for First Pacific Despite Forex Drag
Apr 30, 2026
First Pacific’s Indonesian subsidiary PT Indofood Sukses Makmur Tbk reported a solid start to 2026, posting a 7% rise in consolidated net sales to Rp33.89 trillion for the quarter ended 31 March, driven by continued demand for its consumer f...
First Pacific’s Indofood Unit Posts Higher Q1 2026 Profit on Rising Sales
Apr 30, 2026
First Pacific has notified shareholders that its 50.1%-owned Indonesian subsidiary, PT Indofood Sukses Makmur Tbk, has released unaudited consolidated financial results for the quarter ended 31 March 2026, filed with the Indonesia Stock Exchange a...
First Pacific sets 2026 AGM to approve dividend, board changes and share issuance mandate
Apr 28, 2026
First Pacific Company has called its 2026 annual general meeting for 22 May in Hong Kong, where shareholders will be asked to adopt the 2025 audited accounts and approve a final cash distribution of HK14 cents per share. The agenda also includes r...
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.