Buy Or Sell Opportunity • Jul 16
Now 21% undervalued Over the last 90 days, the stock has risen 5.5% to €9.57. The fair value is estimated to be €12.10, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.4% over the last 3 years. Earnings per share has declined by 27%. For the next 3 years, revenue is forecast to grow by 4.3% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Announcement • Jun 29
Swire Pacific Limited to Report First Half, 2026 Results on Aug 06, 2026 Swire Pacific Limited announced that they will report first half, 2026 results on Aug 06, 2026 Board Change • May 20
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 5 experienced directors. 4 highly experienced directors. 4 independent directors (6 non-independent directors). Independent Non-Executive Director Anna Cheung was the last independent director to join the board, commencing their role in 2026. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Mar 14
Swire Pacific Limited Announces Second Interim Dividend on A Shares and B Shares for the Year Ended December 31, 2025, Payable on May 8, 2026 Swire Pacific Limited announced that the Directors declared a second interim dividend of HKD 2.50 per `A' share and HKD 0.50 per `B' share which, together with the dividends paid in October 2025, amount to full-year dividends of HKD 3.80 per `A' share and HKD 0.76 per `B' share. This represents an increase of 13% on the ordinary dividends for 2024. The second interim dividend will be paid on 8 May 2026 to shareholders registered at the close of business on the record date, being 10 April 2026. Shares of the Company will be traded ex-dividend from 8 April 2026. Announcement • Mar 12
Swire Pacific Limited, Annual General Meeting, May 14, 2026 Swire Pacific Limited, Annual General Meeting, May 14, 2026. Announcement • Dec 03
Swire Pacific Limited to Report Fiscal Year 2025 Results on Mar 12, 2026 Swire Pacific Limited announced that they will report fiscal year 2025 results on Mar 12, 2026 Announcement • Jun 25
Swire Pacific Limited to Report First Half, 2025 Results on Aug 07, 2025 Swire Pacific Limited announced that they will report first half, 2025 results on Aug 07, 2025 Announcement • Apr 08
Swire Pacific Limited Announces Retirement of LEE Wai Mun Rose as Independent Non-Executive Director, Effective May 15, 2025 The Board of Directors of Swire Pacific Limited announced that Ms. LEE Wai Mun Rose will retire as an Independent Non-Executive Director of the Company pursuant to Article 93 of the Company's Articles of Association with effect from the conclusion of the Company's 2025 Annual General Meeting to be held on 15th May 2025 and will not stand for re-election. Ms. Lee joined the Board on 1st July 2012 as an Independent Non-Executive Director, and during her tenure, she also served as a member of the Remuneration Committee (since May 2015). Ms. Lee has confirmed that she has no disagreement with the Board and that she is not aware of any matters relating to her retirement that needs to be brought to the attention of the shareholders of the Company. As at the date of the announcement, the Directors of the Company are: Executive Directors: Guy Bradley (Chairman), David Cogman, Patrick Healy,Martin Murray;Non-Executive Directors: Gordon McCallum, Merlin Swire; and Independent Non-Executive Directors: Paul Etchells, Rose Lee, Edith Ngan, Gordon Orr,Xu Ying and Bonnie Zhang. Announcement • Feb 09
Swire Properties Limited Provides Earnings Guidance for the Year Ended December 31, 2024 Swire Properties Limited provided earnings guidance for the year ended December 31, 2024. For the year, company expected its recurring underlying profit attributable to shareholders to be approximately HKD 6.5 billion as compared to its recurring underlying profit attributable to shareholders of approximately HKD 7.3 billion for the year ended 31st December 2023, which principally reflects higher net finance charges and a reduction in Hong Kong office rental income. The Company's underlying profit attributable to shareholders for the year ended 31st December 2024 is expected to be approximately HKD 6.8 billion as compared to its underlying profit attributable to shareholders of approximately HKD 11.6 billion for the year ended 31st December 2023, which principally reflects the absence of a one-off profit of approximately HKD 3.3 billion from the disposal of nine floors of One Island East which was completed in December 2023 and a reduction in profit from the sale of car parking spaces in Hong Kong in 2024. The Company's reported loss attributable to shareholders for the year ended 31st December 2024 is expected to be approximately HKD 0.8 billion as compared to its reported profit attributable to shareholders of approximately HKD 2.6 billion for the year ended 31st December 2023. There is expected to be a fair value loss of investment properties for the year ended 31st December 2024 of approximately HKD 6.3 billion as compared to a fair value loss of investment properties of approximately HKD 4.4 billion for the year ended 31st December 2023. Announcement • Dec 03
Swire Pacific Limited to Report Fiscal Year 2024 Results on Mar 13, 2025 Swire Pacific Limited announced that they will report fiscal year 2024 results on Mar 13, 2025 Upcoming Dividend • Sep 04
Upcoming dividend of HK$1.25 per share Eligible shareholders must have bought the stock before 11 September 2024. Payment date: 10 October 2024. Payout ratio is a comfortable 16% but the company is paying out more than the cash it is generating. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (2.6%). Announcement • Aug 30
Swire Pacific Limited Announces Resignation of ZHANG Zhuo Ping as Executive Director, Effective 1 September 2024 The Board of Directors of Swire Pacific Limited announced that Mr. ZHANG Zhuo Ping has resigned as an Executive Director of the Company with effect from 1 September 2024, due to his retirement from the Company. He will take on a senior advisor role for John Swire & Sons Limited in the Chinese Mainland. Recent Insider Transactions • Aug 15
Non-Executive Director recently sold €1.3m worth of stock On the 12th of August, Merlin Bingham Swire sold around 163k shares on-market at roughly €7.97 per share. This transaction amounted to 54% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €3.8m more than they bought in the last 12 months. Declared Dividend • Aug 11
Dividend of HK$1.25 announced Shareholders will receive a dividend of HK$1.25. Ex-date: 11th September 2024 Payment date: 10th October 2024 Dividend yield will be 19%, which is higher than the industry average of 2.9%. Sustainability & Growth Dividend is covered by both earnings (16% earnings payout ratio) and cash flows (79% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 50% over the next 3 years. However, it would need to fall by 82% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 09
First half 2024 earnings released: EPS: HK$2.74 (vs HK$2.91 in 1H 2023) First half 2024 results: EPS: HK$2.74 (down from HK$2.91 in 1H 2023). Revenue: HK$39.6b (down 23% from 1H 2023). Net income: HK$3.91b (down 7.3% from 1H 2023). Profit margin: 9.9% (up from 8.2% in 1H 2023). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Industrials industry in Europe. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Jun 22
Swire Pacific Limited to Report First Half, 2024 Results on Aug 08, 2024 Swire Pacific Limited announced that they will report first half, 2024 results on Aug 08, 2024 Announcement • Jun 08
Institutional investors acquired 3.50% stake in Cadeler A/S (OB:CADLR) from Swire Pacific Limited (SEHK:19) for NOK 790 million. Institutional investors acquired 3.50% stake in Cadeler A/S (OB:CADLR) from Swire Pacific Limited (SEHK:19) for NOK 790 million on June 6, 2024. As part of acquisition, 12,353,125 shares were sold. After transaction, Swire Pacific holds 17,510,330 shares, corresponding to 4.99% stake in Cadeler.Institutional investors completed the acquisition of 3.50% stake in Cadeler A/S (OB:CADLR) from Swire Pacific Limited (SEHK:19) on June 6, 2024. Recent Insider Transactions • May 10
Non-Executive Director recently sold €1.4m worth of stock On the 2nd of May, Merlin Bingham Swire sold around 180k shares on-market at roughly €7.88 per share. This transaction amounted to 37% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Apr 09
Swire Pacific Limited to Report Fiscal Year 2023 Results on Apr 09, 2024 Swire Pacific Limited announced that they will report fiscal year 2023 results on Apr 09, 2024 Upcoming Dividend • Apr 03
Upcoming dividend of HK$2.00 per share Eligible shareholders must have bought the stock before 10 April 2024. Payment date: 03 May 2024. Payout ratio is a comfortable 16% but the company is paying out more than the cash it is generating. Trailing yield: 4.9%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (3.7%). Declared Dividend • Mar 16
Dividend of HK$2.00 announced Shareholders will receive a dividend of HK$2.00. Ex-date: 10th April 2024 Payment date: 3rd May 2024 Dividend yield will be 41%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (16% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 46% over the next 3 years. However, it would need to fall by 82% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Mar 14
Full year 2023 earnings released Full year 2023 results: Revenue: HK$94.8b (up 4.0% from FY 2022). Net income: HK$28.9b (up HK$25.0b from FY 2022). Profit margin: 30% (up from 4.2% in FY 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 15% decline forecast for the Real Estate industry in Germany. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €6.93, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 8x in the Real Estate industry in Germany. Total returns to shareholders of 99% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €10.50 per share. Announcement • Dec 05
Swire Pacific Limited (SEHK:19) announces an Equity Buyback for HKD 6,000 million worth of its shares. Swire Pacific Limited (SEHK:19) announces a share repurchase program. Under the program, the company has entered into an agreement with J.P. Morgan Securities (Asia Pacific) Limited pursuant to which the broker and/or its affiliates to repurchase up to HKD 6,000 million worth of its shares. The repurchase price of any shares under the program will not be higher by 5% or more than the average closing price of the relevant class of shares on the stock exchange for the five trading days preceding the date of buyback as required under the Listing Rules. The program will be funded from the available capital and cash reserves of the company. The program will expire on the conclusion of the annual general meeting of the Company to be held in May 2025. Announcement • Sep 29
Swire Pacific Limited to Report Fiscal Year 2023 Results on Mar 14, 2024 Swire Pacific Limited announced that they will report fiscal year 2023 results on Mar 14, 2024 Upcoming Dividend • Sep 06
Upcoming dividend of HK$1.20 per share at 5.5% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 13 October 2023. Payout ratio is a comfortable 68% and the cash payout ratio is 84%. Trailing yield: 5.5%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.6%). Upcoming Dividend • Aug 25
Upcoming dividend of HK$8.12 per share at 4.7% yield Eligible shareholders must have bought the stock before 01 September 2023. Payment date: 19 September 2023. Payout ratio is a comfortable 68% and the cash payout ratio is 84%. Trailing yield: 4.7%. Lower than top quartile of German dividend payers (4.8%). Higher than average of industry peers (3.7%). Announcement • Aug 23
Swire Pacific Limited Announces Special Dividend, Payable on 19 September 2023 Swire Pacific Limited announced Special Dividend Special Dividend (conditional upon completion of the sale of 100% equity interest in Swire Pacific Holdings Inc. pursuant to the share purchase agreement dated 28th June 2023 and compliance with applicable statutory requirements). Dividend declared HKD 1.624 per share. Ex-dividend date 01 September 2023. Record date 05 September 2023. Payment date 19 September 2023. Announcement date 22 August 2023. Announcement • Aug 12
Swire Pacific Limited Declares First Interim Dividend on Class A and B Shares for the Year Ended 31 December 2023, Payable on 13 October 2023 The Directors of Directors of Swire Pacific Limited declared first interim dividends of HKD 1.20 (2022: HKD 1.15) per `A' share and HKD 0.24 (2022: HKD 0.23) per `B' share for the year ending 31st December 2023. The first interim dividends, which total HKD 1,730 million (2022: HKD 1,727 million), will be paid on 13th October 2023 to shareholders registered at the close of business on the record date, being 15th September 2023. Shares of the company will be traded ex-dividend as from 13th September 2023. Reported Earnings • Aug 11
First half 2023 earnings released: EPS: HK$2.91 (vs HK$0.98 in 1H 2022) First half 2023 results: EPS: HK$2.91 (up from HK$0.98 in 1H 2022). Revenue: HK$51.5b (up 16% from 1H 2022). Net income: HK$4.22b (up 187% from 1H 2022). Profit margin: 8.2% (up from 3.3% in 1H 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 15% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has increased by 95% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €7.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Real Estate industry in Germany. Total returns to shareholders of 69% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.84 per share. Announcement • Jun 21
Swire Pacific Limited to Report First Half, 2023 Results on Aug 10, 2023 Swire Pacific Limited announced that they will report first half, 2023 results on Aug 10, 2023 Upcoming Dividend • Apr 05
Upcoming dividend of HK$1.85 per share at 5.0% yield Eligible shareholders must have bought the stock before 12 April 2023. Payment date: 05 May 2023. The company is paying out more than 100% of its profits and is paying out 87% of its cash flow. Trailing yield: 5.0%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.0%). Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: HK$2.57 (vs HK$3.31 in FY 2021) Full year 2022 results: EPS: HK$2.57 (down from HK$3.31 in FY 2021). Revenue: HK$91.2b (flat on FY 2021). Net income: HK$3.84b (down 23% from FY 2021). Profit margin: 4.2% (down from 5.5% in FY 2021). Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 14% decline forecast for the Real Estate industry in Germany. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jan 13
Swire Pacific Limited Resignation of Samuel Compton as Non-Executive Director The Board of Directors of Swire Pacific Limited announced that Mr. Samuel Compton, with effect from the conclusion of the Company's Board meeting held on 12th January 2023, resigned as a non-executive director of the Company, in order to devote more time to the businesses of John Swire & Sons Limited. Mr. Swire is a director and a shareholder of JS&SL. Mr. Swire has confirmed that he has no disagreement with the Board and that he is not aware of any matters relating to his resignation that needs to be brought to the attention of the shareholders of the Company. The Board would like to express its sincere gratitude to Mr. Swire for his invaluable contributions to the Company over the past 8 years since his appointment as a director of the Company on 1st January 2015. Announcement • Sep 30
Swire Pacific Limited to Report Fiscal Year 2022 Results on Mar 09, 2023 Swire Pacific Limited announced that they will report fiscal year 2022 results on Mar 09, 2023 Upcoming Dividend • Aug 31
Upcoming dividend of HK$1.15 per share Eligible shareholders must have bought the stock before 07 September 2022. Payment date: 07 October 2022. Payout ratio is a comfortable 57% but the company is paying out more than the cash it is generating. Trailing yield: 5.9%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (5.1%). Reported Earnings • Aug 12
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up HK$792.0m from 1H 2021). Profit margin: (up from net loss in 1H 2021). Over the next year, revenue is forecast to grow 11% compared to a 46% decline forecast for the industry in Germany. Upcoming Dividend • Mar 30
Upcoming dividend of HK$1.60 per share Eligible shareholders must have bought the stock before 06 April 2022. Payment date: 06 May 2022. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 6.7%. Within top quartile of German dividend payers (3.7%). Higher than average of industry peers (3.3%). Reported Earnings • Mar 11
Full year 2021 earnings: Revenues exceed analyst expectations Full year 2021 results: Revenue: HK$90.8b (up 14% from FY 2020). Net income: HK$4.96b (up HK$16.0b from FY 2020). Profit margin: 5.5% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue exceeded analyst estimates by 2.0%. Over the next year, revenue is forecast to grow 3.3% compared to a 24% decline forecast for the industry in Germany. Upcoming Dividend • Sep 01
Upcoming dividend of HK$1.00 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 06 October 2021. Trailing yield: 3.8%. Within top quartile of German dividend payers (3.1%). Higher than average of industry peers (2.9%). Reported Earnings • Aug 14
First half 2021 earnings released: HK$0.53 loss per share (vs HK$5.15 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: HK$46.7b (up 20% from 1H 2020). Net loss: HK$792.0m (loss narrowed 90% from 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 09
Full year 2020 earnings released: HK$7.33 loss per share (vs HK$6.00 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: HK$80.0b (down 6.6% from FY 2019). Net loss: HK$11.0b (down 222% from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Executive Departure • Apr 02
Finance Director & Executive Director has left the company On the 1st of April, Mei Shuen Low's tenure as Finance Director & Executive Director ended after 3.8 years in the role. We don't have any record of a personal shareholding under Mei Shuen's name. A total of 2 executives have left over the last 12 months. Upcoming Dividend • Mar 31
Upcoming dividend of HK$1.00 per share Eligible shareholders must have bought the stock before 07 April 2021. Payment date: 07 May 2021. Trailing yield: 2.9%. Lower than top quartile of German dividend payers (3.3%). In line with average of industry peers (3.2%). Analyst Estimate Surprise Post Earnings • Mar 12
Revenue beats expectations Revenue exceeded analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 4.8% compared to a 32% decline forecast for the Real Estate industry in Germany. Reported Earnings • Mar 12
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: HK$80.0b (down 6.6% from FY 2019). Net loss: HK$11.0b (down 222% from profit in FY 2019). Is New 90 Day High Low • Feb 24
New 90-day high: €6.25 The company is up 24% from its price of €5.05 on 25 November 2020. The German market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €7.26 per share. Is New 90 Day High Low • Jan 14
New 90-day high: €5.10 The company is up 24% from its price of €4.12 on 16 October 2020. The German market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €5.89 per share. Is New 90 Day High Low • Oct 31
New 90-day low: €3.90 The company is down 6.0% from its price of €4.14 on 31 July 2020. The German market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.42 per share. Is New 90 Day High Low • Sep 23
New 90-day low: €4.06 The company is down 16% from its price of €4.84 on 25 June 2020. The German market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €8.57 per share. 
