First Pacific Co Ltd (HK:0142)
:0142
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First Pacific Co
(0142)
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Rating:66Neutral
Price Target:
HK$6.00
▲(2.04% Upside)
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
Rising recurring profits
A sustained multi-year increase in recurring profit to $740m indicates that underlying operating businesses are generating stronger, repeatable earnings. For a holding company that depends on associate dividends and share-of-profits, this trend supports durable cash flow availability for dividends, reinvestment, and debt servicing over the next 2–6 months and beyond.
Negative Factors
Elevated leverage
A debt-heavy balance sheet with debt rising to ~13B and debt/equity historically above 3x constrains financial flexibility. Elevated leverage increases sensitivity to earnings shocks or higher rates, limits capacity for opportunistic investments, and raises refinancing needs that could stress cash flow over the next 2–6 months if conditions tighten.
Read all positive and negative factors
Positive Factors
Negative Factors
Rising recurring profits
A sustained multi-year increase in recurring profit to $740m indicates that underlying operating businesses are generating stronger, repeatable earnings. For a holding company that depends on associate dividends and share-of-profits, this trend supports durable cash flow availability for dividends, reinvestment, and debt servicing over the next 2–6 months and beyond.
Read all positive factors
First Pacific Co (0142) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$21.75B
Dividend Yield4.46%
Average Volume (3M)4.21M
Price to Earnings (P/E)4.3
Beta (1Y)0.23
Revenue Growth1.65%
EPS Growth9.66%
CountryHK
Employees105,570
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 Ratio0.35
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 Target
HK$6.82Price Target Upside15.99% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.18
Revenue Forecast (FY)HK$10.33B
First Pacific Co Business Overview & Revenue Model
Company Description
First Pacific Company Limited, an investment management and holding company, engages in the consumer food products, telecommunications, infrastructure, and natural resources businesses in the Philippines, Indonesia, Singapore, the Middle East, Afr...
How the Company Makes Money
First Pacific makes money mainly through returns generated from its portfolio of significant equity investments. Its earnings are primarily driven by (1) the share of profits (or losses) from associate and subsidiary companies, recognized in its f...
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
Negative
5.88
Price Trends
5.39
Negative
5.68
Negative
5.90
Negative
Market Momentum
-0.11
Positive
41.95
Neutral
27.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0142, the sentiment is Negative. The current price of 5.88 is above the 20-day moving average (MA) of 5.31, above the 50-day MA of 5.39, and below the 200-day MA of 5.90, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 41.95 is Neutral, neither overbought nor oversold. The STOCH value of 27.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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$116.11B | 9.57 | 14.19% | 6.66% | 7.95% | -2.88% | |
67 Neutral | HK$49.09B | 10.21 | 23.55% | 3.26% | 2.03% | 1.43% | |
66 Neutral | HK$21.75B | 4.26 | 15.20% | 4.46% | 1.65% | 9.66% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
62 Neutral | HK$67.36B | 18.89 | 24.09% | 5.46% | -1.95% | 20.50% | |
59 Neutral | HK$65.65B | 36.60 | 3.79% | 3.62% | -7.24% | 1390.75% | |
45 Neutral | HK$5.36B | -6.31 | -7.94% | ― | 13.83% | -240.97% |
* Consumer Defensive Sector Average
HK:0142
First Pacific Co
5.16
0.13
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First Pacific Co Corporate Events
Indofood Delivers Higher 2025 Sales and Profit Despite Tough Macro Climate
Mar 30, 2026
PT Indofood Sukses Makmur, the 50.1%-owned Indonesian food subsidiary of First Pacific, reported a 7% rise in consolidated net sales to Rp123.49 trillion for 2025, with operating income up 6% to Rp24.57 trillion and operating margins steady at 19....
First Pacific’s Indofood Unit Delivers Higher 2025 Profit and Sales
Mar 30, 2026
First Pacific has informed shareholders that its Indonesian subsidiary PT Indofood Sukses Makmur Tbk has released audited consolidated financial results for the year ended 31 December 2025, filed with the Indonesia Stock Exchange and posted as an ...
First Pacific lifts 2025 profit, trims debt and raises shareholder payout
Mar 30, 2026
First Pacific Co reported solid 2025 audited results, with recurring profit up 10% to US$740 million and turnover edging 1.7% higher to US$10.23 billion, underscoring resilient performance across its portfolio. Profit attributable to shareholders ...
First Pacific declares HKD 0.14 final dividend for 2025
Mar 30, 2026
First Pacific Company Limited has declared a final ordinary cash dividend of HKD 0.14 per share for the financial year ended 31 December 2025, payable in Hong Kong dollars. The distribution remains subject to shareholder approval at the company...
First Pacific Sets March 2026 Board Meeting to Approve 2025 Results
Mar 18, 2026
First Pacific Company Limited has scheduled a board meeting for 30 March 2026 to review and approve the audited consolidated results for the financial year ended 31 December 2025. The board will also consider the publication of these results and e...
MPIC Delivers Double-Digit Core Profit Growth, Bolstering First Pacific’s Infrastructure Portfolio
Mar 11, 2026
Metro Pacific Investments Corporation, the Philippine infrastructure arm of Hong Kong-listed First Pacific, spans power distribution and generation, water services, toll roads, and hospitals, making it a critical provider of essential services. Fi...
First Pacific Flags PLDT’s 2025 Audited Results in Overseas Regulatory Notice
Feb 26, 2026
First Pacific Company Limited has issued an overseas regulatory announcement pointing investors to a disclosure by its major operating associate, PLDT Inc., concerning PLDT’s audited consolidated financial results for the year ended 31 Decem...
First Pacific Highlights PLDT’s 2025 Audited Results as Profit Eases Amid StableRevenue
Feb 26, 2026
First Pacific has disclosed that its major operating associate PLDT Inc., the Philippine telecommunications group in which it holds a 25.57% attributable economic interest, has released its audited consolidated financial statements for the year en...
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.