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Swire Pacific

SEHK:19
Snowflake Description

Excellent balance sheet average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
19
SEHK
HK$129B
Market Cap
  1. Home
  2. HK
  3. Real Estate
Company description

Swire Pacific Limited engages in property, aviation, beverages, marine services, and trading and industrial businesses in Hong Kong, Asia, the United States, and internationally. The last earnings update was 69 days ago. More info.


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19 Share Price and Events
7 Day Returns
-4.1%
SEHK:19
-1.1%
HK Real Estate
-1.3%
HK Market
1 Year Returns
11.8%
SEHK:19
-10.1%
HK Real Estate
-15.9%
HK Market
19 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Swire Pacific (19) -4.1% -0.7% -6.6% 11.8% 9.7% -0.3%
HK Real Estate -1.1% -1.4% -7.1% -10.1% 51.7% 50.8%
HK Market -1.3% -2.7% -10.1% -15.9% 19.1% 4.6%
1 Year Return vs Industry and Market
  • 19 outperformed the Real Estate industry which returned -10.1% over the past year.
  • 19 outperformed the Market in Hong Kong which returned -15.9% over the past year.
Price Volatility
19
Industry
5yr Volatility vs Market

19 Value

 Is Swire Pacific undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Swire Pacific to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Swire Pacific.

SEHK:19 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 10.7%
Perpetual Growth Rate 10-Year HK Government Bond Rate 2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SEHK:19
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year HK Govt Bond Rate 2%
Equity Risk Premium S&P Global 6.7%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.03
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.026 (1 + (1- 25%) (55.85%))
1.305
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.31
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2% + (1.305 * 6.65%)
10.68%

Discounted Cash Flow Calculation for SEHK:19 using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Swire Pacific is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

SEHK:19 DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (HKD, Millions) Source Present Value
Discounted (@ 10.68%)
2019 9,811.10 Analyst x2 8,864.17
2020 10,791.88 Analyst x2 8,809.22
2021 10,625.85 Est @ -1.54% 7,836.54
2022 10,575.27 Est @ -0.48% 7,046.49
2023 10,603.58 Est @ 0.27% 6,383.43
2024 10,687.17 Est @ 0.79% 5,812.78
2025 10,810.36 Est @ 1.15% 5,312.29
2026 10,962.54 Est @ 1.41% 4,867.13
2027 11,136.45 Est @ 1.59% 4,467.13
2028 11,327.03 Est @ 1.71% 4,105.05
Present value of next 10 years cash flows HK$63,504.24
SEHK:19 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= HK$11,327.03 × (1 + 2%) ÷ (10.68% – 2%)
HK$133,114.17
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= HK$133,114.17 ÷ (1 + 10.68%)10
HK$48,242.16
SEHK:19 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= HK$63,504.24 + HK$48,242.16
HK$111,746.40
Equity Value per Share
(HKD)
= Total value / Shares Outstanding
= HK$111,746.40 / 1,501.58
HK$74.42
SEHK:19 Discount to Share Price
Calculation Result
Value per share (HKD) From above. HK$74.42
Current discount Discount to share price of HK$93.90
= -1 x (HK$93.90 - HK$74.42) / HK$74.42
-26.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Swire Pacific is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Swire Pacific's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Swire Pacific's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SEHK:19 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in HKD HK$15.74
SEHK:19 Share Price ** SEHK (2019-06-17) in HKD HK$93.9
Hong Kong Real Estate Industry PE Ratio Median Figure of 188 Publicly-Listed Real Estate Companies 6.28x
Hong Kong Market PE Ratio Median Figure of 1,487 Publicly-Listed Companies 10.68x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Swire Pacific.

SEHK:19 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:19 Share Price ÷ EPS (both in HKD)

= 93.9 ÷ 15.74

5.97x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Swire Pacific is good value based on earnings compared to the HK Real Estate industry average.
  • Swire Pacific is good value based on earnings compared to the Hong Kong market.
Price based on expected Growth
Does Swire Pacific's expected growth come at a high price?
Raw Data
SEHK:19 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 5.97x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
-29.6%per year
Hong Kong Real Estate Industry PEG Ratio Median Figure of 60 Publicly-Listed Real Estate Companies 0.27x
Hong Kong Market PEG Ratio Median Figure of 466 Publicly-Listed Companies 0.75x

*Line of best fit is calculated by linear regression .

SEHK:19 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 5.97x ÷ -29.6%

-0.2x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Swire Pacific earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Swire Pacific's assets?
Raw Data
SEHK:19 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in HKD HK$180.09
SEHK:19 Share Price * SEHK (2019-06-17) in HKD HK$93.9
Hong Kong Real Estate Industry PB Ratio Median Figure of 229 Publicly-Listed Real Estate Companies 0.56x
Hong Kong Market PB Ratio Median Figure of 2,169 Publicly-Listed Companies 0.93x
SEHK:19 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:19 Share Price ÷ Book Value per Share (both in HKD)

= 93.9 ÷ 180.09

0.52x

* Primary Listing of Swire Pacific.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Swire Pacific is good value based on assets compared to the HK Real Estate industry average.
X
Value checks
We assess Swire Pacific's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. Swire Pacific has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

19 Future Performance

 How is Swire Pacific expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-29.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Swire Pacific expected to grow at an attractive rate?
  • Swire Pacific's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2%.
Growth vs Market Checks
  • Swire Pacific's earnings are expected to decrease over the next 1-3 years, this is below the Hong Kong market average.
  • Swire Pacific's revenue growth is positive but not above the Hong Kong market average.
Annual Growth Rates Comparison
Raw Data
SEHK:19 Future Growth Rates Data Sources
Data Point Source Value (per year)
SEHK:19 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts -29.6%
SEHK:19 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 4.4%
Hong Kong Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 5.4%
Hong Kong Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 16.6%
Hong Kong Market Earnings Growth Rate Market Cap Weighted Average 11%
Hong Kong Market Revenue Growth Rate Market Cap Weighted Average 10.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SEHK:19 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in HKD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SEHK:19 Future Estimates Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 96,111 12,302 3
2020-12-31 93,210 13,772 11,134 7
2019-12-31 89,107 12,354 9,585 7
SEHK:19 Past Financials Data
Date (Data in HKD Millions) Revenue Cash Flow Net Income *
2018-12-31 84,606 15,436 23,629
2018-09-30 83,475 15,028 25,531
2018-06-30 82,343 14,619 27,433
2018-03-31 81,316 15,110 26,752
2017-12-31 80,289 15,600 26,070
2017-09-30 76,407 15,373 21,396
2017-06-30 72,525 15,146 16,721
2017-03-31 67,457 14,168 13,183
2016-12-31 62,389 13,190 9,644
2016-09-30 60,858 12,298 10,079
2016-06-30 59,327 11,406 10,513
2016-03-31 60,106 11,685 11,971

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Swire Pacific's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Swire Pacific's revenue is expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SEHK:19 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Swire Pacific Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:19 Future Estimates Data
Date (Data in HKD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 7.77 8.19 7.35 2.00
2020-12-31 7.34 7.99 6.79 6.00
2019-12-31 6.97 7.57 6.28 4.00
SEHK:19 Past Financials Data
Date (Data in HKD Millions) EPS *
2018-12-31 15.74
2018-09-30 17.00
2018-06-30 18.26
2018-03-31 17.80
2017-12-31 17.34
2017-09-30 14.23
2017-06-30 11.12
2017-03-31 8.76
2016-12-31 6.41
2016-09-30 6.70
2016-06-30 6.99
2016-03-31 7.96

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Swire Pacific is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Swire Pacific's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Hong Kong market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Hong Kong market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Swire Pacific has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

19 Past Performance

  How has Swire Pacific performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Swire Pacific's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Swire Pacific's year on year earnings growth rate has been positive over the past 5 years.
  • Swire Pacific's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Swire Pacific's 1-year earnings growth is negative, it can't be compared to the HK Real Estate industry average.
Earnings and Revenue History
Swire Pacific's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Swire Pacific Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SEHK:19 Past Revenue, Cash Flow and Net Income Data
Date (Data in HKD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 84,606.00 23,629.00 20,417.00
2018-09-30 83,474.50 25,531.00 20,030.00
2018-06-30 82,343.00 27,433.00 19,643.00
2018-03-31 81,316.00 26,751.50 18,677.00
2017-12-31 80,289.00 26,070.00 17,711.00
2017-09-30 76,407.00 21,395.50 16,140.00
2017-06-30 72,525.00 16,721.00 14,569.00
2017-03-31 67,457.00 13,182.50 13,526.50
2016-12-31 62,389.00 9,644.00 12,484.00
2016-09-30 60,858.00 10,078.50 11,966.00
2016-06-30 59,327.00 10,513.00 11,448.00
2016-03-31 60,106.00 11,971.00 11,507.00
2015-12-31 60,885.00 13,429.00 11,566.00
2015-09-30 61,854.00 12,995.50 11,701.00
2015-06-30 62,823.00 12,562.00 11,836.00
2015-03-31 62,062.00 11,815.50 11,380.50
2014-12-31 61,301.00 11,069.00 10,925.00
2014-09-30 59,536.50 12,118.00 10,533.00
2014-06-30 57,772.00 13,167.00 10,141.00
2014-03-31 54,604.50 13,229.00 10,012.00
2013-12-31 51,437.00 13,291.00 9,883.00
2013-09-30 51,089.00 14,444.50 9,708.00
2013-06-30 50,741.00 15,598.00 9,533.00
2013-03-31 49,890.50 16,504.00 9,310.50
2012-12-31 49,040.00 17,410.00 9,088.00
2012-09-30 43,912.00 17,071.00 8,231.00
2012-06-30 41,279.00 16,679.00 8,096.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Swire Pacific has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Swire Pacific used its assets more efficiently than the HK Real Estate industry average last year based on Return on Assets.
  • Swire Pacific's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Swire Pacific's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Swire Pacific has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

19 Health

 How is Swire Pacific's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Swire Pacific's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Swire Pacific is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Swire Pacific's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Swire Pacific's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Swire Pacific Company Filings, last reported 5 months ago.

SEHK:19 Past Debt and Equity Data
Date (Data in HKD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 325,115.00 72,125.00 9,112.00
2018-09-30 325,115.00 72,125.00 9,112.00
2018-06-30 322,563.00 78,084.00 10,183.00
2018-03-31 322,563.00 78,084.00 10,183.00
2017-12-31 306,094.00 79,231.00 6,072.00
2017-09-30 306,094.00 79,231.00 6,072.00
2017-06-30 286,535.00 76,023.00 6,307.00
2017-03-31 286,535.00 76,023.00 6,307.00
2016-12-31 272,168.00 71,185.00 6,477.00
2016-09-30 272,168.00 71,185.00 6,477.00
2016-06-30 266,760.00 71,154.00 6,877.00
2016-03-31 266,760.00 71,154.00 6,877.00
2015-12-31 263,986.00 69,277.00 8,985.00
2015-09-30 263,986.00 69,277.00 8,985.00
2015-06-30 267,916.00 71,256.00 9,606.00
2015-03-31 267,916.00 71,256.00 9,606.00
2014-12-31 262,130.00 69,318.00 10,115.00
2014-09-30 262,130.00 69,318.00 10,115.00
2014-06-30 264,552.00 70,247.00 11,026.00
2014-03-31 264,552.00 70,247.00 11,026.00
2013-12-31 262,508.00 62,471.00 11,288.00
2013-09-30 262,508.00 62,471.00 11,288.00
2013-06-30 253,702.00 56,457.00 8,344.00
2013-03-31 253,702.00 56,457.00 8,344.00
2012-12-31 248,382.00 50,964.00 6,091.00
2012-09-30 249,334.00 51,128.00 6,198.00
2012-06-30 238,661.00 53,694.00 9,158.00
  • Swire Pacific's level of debt (22.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (23.8% vs 22.2% today).
  • Debt is well covered by operating cash flow (21.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.9x coverage).
X
Financial health checks
We assess Swire Pacific's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Swire Pacific has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

19 Dividends

 What is Swire Pacific's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.83%
Current annual income from Swire Pacific dividends. Estimated to be 4.01% next year.
If you bought HK$2,000 of Swire Pacific shares you are expected to receive HK$77 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Swire Pacific's pays a higher dividend yield than the bottom 25% of dividend payers in Hong Kong (2.08%).
  • Swire Pacific's dividend is below the markets top 25% of dividend payers in Hong Kong (5.95%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SEHK:19 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Hong Kong Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 143 Stocks 4.1%
Hong Kong Market Average Dividend Yield Market Cap Weighted Average of 966 Stocks 3.7%
Hong Kong Minimum Threshold Dividend Yield 10th Percentile 1.2%
Hong Kong Bottom 25% Dividend Yield 25th Percentile 2.1%
Hong Kong Top 25% Dividend Yield 75th Percentile 6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SEHK:19 Future Dividends Estimate Data
Date (Data in HK$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 4.29 4.00
2020-12-31 3.76 8.00
2019-12-31 3.49 7.00
SEHK:19 Past Annualized Dividends Data
Date (Data in HK$) Dividend per share (annual) Avg. Yield (%)
2019-04-10 3.600 3.736
2019-03-14 3.600 3.629
2018-04-09 2.100 2.475
2018-03-15 2.100 2.612
2017-04-10 2.100 2.738
2017-03-16 2.100 2.691
2016-04-06 3.900 4.731
2016-03-10 3.900 4.795
2015-04-13 3.900 4.376
2015-03-19 3.900 3.720
2014-04-07 3.500 3.518
2014-03-13 3.500 3.931
2013-04-08 3.500 3.822
2013-03-14 3.500 3.583
2012-08-10 3.350 3.518
2012-03-15 3.500 3.964
2011-08-11 3.650 4.048
2011-03-10 3.500 3.101
2010-08-10 3.200 2.829
2010-03-15 2.800 3.111
2009-08-06 2.080 2.325

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Swire Pacific's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (5.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Swire Pacific's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Swire Pacific afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Swire Pacific has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

19 Management

 What is the CEO of Swire Pacific's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
  • Swire Pacific has no CEO, or we have no data on them.
Management Team Tenure

Average tenure and age of the Swire Pacific management team in years:

6.4
Average Tenure
53
Average Age
  • The average tenure for the Swire Pacific management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Merlin Bingham Swire

TITLE
Chairman of the Board
COMPENSATION
HK$10M
AGE
44

Michelle Low

TITLE
Finance Director & Executive Director
COMPENSATION
HK$7M
AGE
58
TENURE
1.7 yrs

Ivan Chu

TITLE
Executive Director
COMPENSATION
HK$6M
AGE
56

David Peter Cogman

TITLE
Executive Director
COMPENSATION
HK$9M
AGE
44

Cindy Cheung

TITLE
Manager Group Public Affairs

David Fu

TITLE
Company Secretary
AGE
54
TENURE
13.4 yrs

Patrick Healy

TITLE
Executive Director of the Beverages Division
COMPENSATION
HK$13M
AGE
52
TENURE
6.4 yrs

Karen So

TITLE
Executive Director of China Operations for Swire Beverages
Board of Directors Tenure

Average tenure and age of the Swire Pacific board of directors in years:

3.3
Average Tenure
59
Average Age
  • The tenure for the Swire Pacific board of directors is about average.
Board of Directors

Michelle Low

TITLE
Finance Director & Executive Director
COMPENSATION
HK$7M
AGE
58
TENURE
1.9 yrs

Ivan Chu

TITLE
Executive Director
COMPENSATION
HK$6M
AGE
56
TENURE
5.3 yrs

David Peter Cogman

TITLE
Executive Director
COMPENSATION
HK$9M
AGE
44
TENURE
1.8 yrs

Chien Lee

TITLE
Independent Non-Executive Director
COMPENSATION
HK$1M
AGE
65
TENURE
26.4 yrs

Merlin Bingham Swire

TITLE
Chairman of the Board
COMPENSATION
HK$10M
AGE
44
TENURE
0.9 yrs

Paul Kenneth Etchells

TITLE
Independent Non Executive Director
COMPENSATION
HK$979K
AGE
67
TENURE
2.1 yrs

Martin Cubbon

TITLE
Non-Executive Director
COMPENSATION
HK$3M
AGE
60
TENURE
0.6 yrs

Tim Freshwater

TITLE
Independent Non-Executive Director
COMPENSATION
HK$690K
AGE
73
TENURE
11.4 yrs

Rose Lee

TITLE
Independent Non-Executive Director
COMPENSATION
HK$750K
AGE
65
TENURE
6.9 yrs

Samuel Compton Swire

TITLE
Non-Executive Director
AGE
38
TENURE
4.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (HK$) Value (HK$)
X
Management checks
We assess Swire Pacific's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Swire Pacific has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

19 News

Simply Wall St News

Swire Pacific Limited's (HKG:19) 3.8% Dividend Yield Looks Pretty Interesting

Dividend paying stocks like Swire Pacific Limited (HKG:19) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. If you are hoping to live on your dividends, it's important to be more stringent with your investments than the average punter. Regular readers know we like to apply the same approach to each dividend stock, and we hope you'll find our analysis useful. In this case, Swire Pacific likely looks attractive to investors, given its 3.8% dividend yield and a payment history of over ten years. We'd guess that plenty of investors have purchased it for the income. Some simple analysis can reduce the risk of holding Swire Pacific for its dividend, and we'll focus on the most important aspects below. Click the interactive chart for our full dividend analysis SEHK:19 Historical Dividend Yield, June 18th 2019 Payout ratios Dividends are typically paid from company earnings. If a company pays more in dividends than it earned, then the dividend might become unsustainable - hardly an ideal situation. Comparing dividend payments to a company's net profit after tax is a simple way of reality-checking whether a dividend is sustainable. Looking at the data, we can see that 19% of Swire Pacific's profits were paid out as dividends in the last 12 months. We'd say its dividends are thoroughly covered by earnings. We also measure dividends paid against a company's levered free cash flow, to see if enough cash was generated to cover the dividend. Swire Pacific's cash payout ratio in the last year was 31%, which suggests dividends were well covered by cash generated by the business. It's positive to see that Swire Pacific's dividend is covered by both profits and cash flow, since this is generally a sign that the dividend is sustainable, and a lower payout ratio usually suggests a greater margin of safety before the dividend gets cut. Is Swire Pacific's Balance Sheet Risky? As Swire Pacific has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. … Conclusion When we look at a dividend stock, we need to form a judgement on whether the dividend will grow, if the company is able to maintain it in a wide range of economic circumstances, and if the dividend payout is sustainable. … Earnings growth generally bodes well for the future value of company dividend payments.

Simply Wall St -

Is Swire Pacific Limited (HKG:19) A Financially Strong Company?

Moreover, 19 has generated HK$15b in operating cash flow in the last twelve months, resulting in an operating cash to total debt ratio of 21%, signalling that 19’s operating cash is sufficient to cover its debt. … At the current liabilities level of HK$38b, it appears that the company has maintained a safe level of current assets to meet its obligations, with the current ratio last standing at 1.12x. … We can check to see whether 19 is able to meet its debt obligations by looking at the net interest coverage ratio.

Simply Wall St -

Can Swire Pacific Limited (HKG:19) Save Your Portfolio?

Swire Pacific Limited is a financially healthy and robust stock with a proven track record of outperformance. … We all know Swire Pacific, and having this large-cap to cushion your portfolio during a volatile period in the stock market isn't a bad idea. … Swire Pacific Limited engages in property, aviation, beverages, marine services, and trading and industrial businesses in Hong Kong, Asia, the United States, and internationally,

Simply Wall St -

Here's How P/E Ratios Can Help Us Understand Swire Pacific Limited (HKG:19)

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … How Do I Calculate Swire Pacific's Price To Earnings Ratio … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Interested In Swire Pacific Limited (HKG:19)’s Upcoming HK$1.80 Dividend? You Have 2 Days Left

To qualify for the dividend check of HK$1.80 per share, investors must have owned the shares prior to 10 April 2019, which is the last day the company's management will finalize their list of shareholders to which they will send dividend payments. … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:? … Has its dividend been stable over the past (i.e. no missed payments or significant payout cuts)?

Simply Wall St -

Could Swire Pacific Limited's (HKG:19) Investor Composition Influence The Stock Price?

With a market capitalization of HK$135b, Swire Pacific is rather large. … institutional investors have bought into the company. … View our latest analysis for Swire Pacific

Simply Wall St -

Swire Pacific (HKG:19) Shareholders Have Enjoyed A 13% Share Price Gain

For example, the Swire Pacific Limited (HKG:19) share price return of 13% over three years lags the market return in the same period. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … Swire Pacific was able to grow its EPS at 30% per year over three years, sending the share price higher.

Simply Wall St -

Should Swire Pacific Limited (HKG:19) Be Part Of Your Portfolio?

A large part of investment returns can be generated by dividend-paying stock given their role in compounding returns over time. … Historically, Swire Pacific Limited (HKG:19) has been paying a dividend to shareholders. … Let's take a look at Swire Pacific in more detail.

Simply Wall St -

Why Swire Pacific Limited (HKG:19) Could Be Your Next Investment

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook.

Simply Wall St -

Why Swire Pacific Limited (HKG:19) Is A Financially Healthy Company

Investors looking for stocks with high market liquidity and little debt on the balance sheet should consider Swire Pacific Limited (HKG:19). … With a market valuation of HK$113b, 19 is a safe haven in times of market uncertainty due to its strong balance sheet. … These firms won’t be left high and dry if liquidity dries up, and they will be relatively unaffected by rises in interest rates.

Simply Wall St -

19 Company Info

Description

Swire Pacific Limited engages in property, aviation, beverages, marine services, and trading and industrial businesses in Hong Kong, Asia, the United States, and internationally. Its Property division develops, owns, and operates mixed-use properties. This division’s property investment portfolio comprises office and retail premises, serviced apartments, other luxury residential accommodations, and commercial mixed-use developments; and trading portfolio consists of residential properties. It also owns and manages two hotels in Hong Kong and four hotels in Mainland China, as well as owns interests in the Mandarin Oriental hotel in the United States. The company’s Aviation division provides scheduled passenger and cargo services, and aviation maintenance and repair services. As of December 31, 2018, it operated 154 aircraft. Its Beverages division owns rights to manufacture, market, and distribute refreshing soft drinks to consumers. The company’s Marine Services division owns and operates offshore support vessels servicing the energy industry in the offshore production and exploration region outside the United States; and has a windfarm installation business, as well as a subsea inspection, maintenance, and repair business. As of December 31, 2018, it operated a fleet of 77 offshore support vessels. Its Trading & Industrial division retails and distributes footwear, apparel, and accessories through its 193 retail outlets; sells passenger cars, commercial vehicles, motorcycles, and scooters; operates a chain of bakeries; packages and sells sugar products under the Taikoo Sugar brand; and offers waste management services. The company was founded in 1816 and is based in Central, Hong Kong. Swire Pacific Limited is a subsidiary of John Swire & Sons (H.K.) Limited.

Details
Name: Swire Pacific Limited
19
Exchange: SEHK
Founded: 1816
HK$129,130,519,400
1,501,580,000
Website: http://www.swirepacific.com
Address: Swire Pacific Limited
One Pacific Place,
33rd Floor,
Central,
Hong Kong
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 19 Series A Shares The Stock Exchange of Hong Kong Ltd. HK HKD 11. May 1981
OTCPK SWRA.F Series A Shares Pink Sheets LLC US USD 11. May 1981
DB SWI Series A Shares Deutsche Boerse AG DE EUR 11. May 1981
SHSC 19 Series A Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 11. May 1981
SZSC 19 Series A Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 11. May 1981
OTCPK SWRA.Y SPON ADR A Pink Sheets LLC US USD 27. Jul 1995
OTCPK SWRB.Y ADR CL B Pink Sheets LLC US USD 10. Aug 1994
SEHK 87 Series B Shares The Stock Exchange of Hong Kong Ltd. HK HKD 02. Jan 1992
OTCPK SWRB.F Series B Shares Pink Sheets LLC US USD 02. Jan 1992
DB SWI1 Series B Shares Deutsche Boerse AG DE EUR 02. Jan 1992
SHSC 87 Series B Shares Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 02. Jan 1992
SZSC 87 Series B Shares The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 02. Jan 1992
Number of employees
Current staff
Staff numbers
92,747
Swire Pacific employees.
Industry
Diversified Real Estate Activities
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/18 12:46
End of day share price update: 2019/06/17 00:00
Last estimates confirmation: 2019/05/30
Last earnings filing: 2019/04/10
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.