[ET Net News Agency, 16 March 2020] Morgan Stanley lowered its target price for Swire
Pacific (00019) to HK$72 from HK$90 and downgraded its rating to "equal-weight" from
"overweight".
The research house estimated Swire's underlying profit will decline by 85% to HK$1.1bn
in 2020. Ex-property business could post an HK$5bn loss in 2020, versus HK$1bn profit in
2019.
Cathay Pacific (CX)(00293) is seen as the key earnings drag in 2020. Morgan thinks CX
could post as much as an HK$11bn net loss in 2020. This is to factor in the base case
scenario from the COVID-19 and the latest oil price forecast.
Morgan cut its 2020 EPS estimate by 87% and 2021 by 19% to factor in the latest EPS
assumptions for Swire Properties (01972) and CX. (KL)
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Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00019 SWIRE PACIFIC A
Nominal 
62.450 +0.900 (+1.462%) Research Report
16/03/2020 17:22
{I-bank focus}Morgan lowers Swire Pacific (00019) to HK$72
| Remark: | Real time quote last updated: 24/04/2024 11:24 |
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