Group 1 - The core point of the article is that Swire Pacific Company A has been actively repurchasing its shares, indicating a strategy to support its stock price amidst a recent decline [1] - On February 20, the company repurchased 311,000 shares at a price range of HKD 63.050 to HKD 64.000, totaling HKD 19.7651 million [1] - Since January 2, the company has conducted share buybacks for 33 consecutive days, acquiring a total of 6.897 million shares for a cumulative amount of HKD 458 million [1] Group 2 - The stock closed at HKD 63.500 on the day of the buyback, with a total trading volume of HKD 77.9122 million [1] - During the buyback period, the stock has experienced a cumulative decline of 9.87% [1]

其间该股累计下跌6.60%。 证券时报•数据宝统计，太古股份公司A在港交所公告显示，2月17日以每股65.200港元至66.300港元的 价格回购32.00万股，回购金额达2107.07万港元。 该股当日收盘价65.800港元，上涨0.92%，全天成交额6738.72万港元。 自1月2日以来公司已连续30日进行回购，合计回购584.60万股，累计回购金额3.92亿港元。 （数据宝） 太古股份公司A回购明细 ...

其间该股累计下跌10.79%。 （数据宝） 太古股份公司A回购明细 该股当日收盘价62.850港元，下跌0.87%，全天成交额2.25亿港元。 自1月2日以来公司已连续27日进行回购，合计回购486.60万股，累计回购金额3.28亿港元。 证券时报•数据宝统计，太古股份公司A在港交所公告显示，2月12日以每股62.650港元至63.500港元的 价格回购29.00万股，回购金额达1831.58万港元。 ...

Group 1 - The core point of the article is that Swire Properties A has been actively repurchasing its shares, indicating a strategy to support its stock price amidst recent declines [1] - On January 27, the company repurchased 90,000 shares at a price range of HKD 68.650 to HKD 69.600, totaling HKD 6.2081 million [1] - The stock closed at HKD 68.700 on the same day, reflecting a slight increase of 0.15% with a total trading volume of HKD 57.6276 million [1] Group 2 - Since January 2, the company has conducted share buybacks for 18 consecutive days, accumulating a total of 2.929 million shares repurchased [1] - The total amount spent on share repurchases has reached HKD 201 million [1] - During this period, the stock has experienced a cumulative decline of 2.48% [1]

Group 1 - The core point of the news is that Swire Properties A has conducted a share buyback, purchasing 100,500 shares at a price range of HKD 69.000 to HKD 70.000, totaling HKD 6.9924 million [1] - On the day of the buyback, the closing price of the stock was HKD 69.550, reflecting a decrease of 1.28% [2] - The total trading volume for the day was HKD 29.5735 million [2]

Financial Performance - The company's profit attributable to shareholders decreased by 7% to HKD 3,914 million for the six months ended June 30, 2024, compared to HKD 4,221 million in the same period last year[6]. - Revenue fell by 23% to HKD 39,563 million, down from HKD 51,544 million year-on-year[6]. - Operating profit decreased by 3% to HKD 4,945 million, compared to HKD 5,079 million in the previous year[6]. - The company's consolidated profit attributable to shareholders for the first half of 2024 was HKD 3.914 billion, compared to HKD 4.221 billion in the same period of 2023, reflecting a decrease of approximately 7.3%[8]. - The recurring basic profit, excluding changes in investment property values, was HKD 5.576 billion for the first half of 2024, slightly down from HKD 5.594 billion in the same period of 2023[8]. - The attributable profit for the first half of 2024 was HKD 1,795 million, down from HKD 2,222 million in the same period of 2023, representing a decrease of 19.2%[19]. - The total profit for the period was HKD 15,044 million, down from HKD 19,208 million, reflecting a decline of 21.3%[97]. - The net profit for the period was HKD 4,579 million, a decrease of 5.9% from HKD 4,867 million in the previous year[97]. Dividends and Earnings Per Share - Basic earnings per share for 'A' shares was HKD 3.90, a slight increase from HKD 3.86 in the previous year[6]. - The company declared an interim dividend of HKD 1.25 per 'A' share, up from HKD 1.20 in the previous year[6]. - The first interim dividend announced for 2024 is HKD 1.25 per 'A' share and HKD 0.25 per 'B' share, compared to HKD 1.20 and HKD 0.24 respectively in 2023[123]. - The total amount of the first interim dividend for 2024 is HKD 1,754 million, slightly up from HKD 1,730 million in 2023[124]. - The basic earnings attributable to shareholders for the six months ended June 30, 2024, were HKD 3,914 million, down from HKD 4,221 million in the same period of 2023, a decrease of 7.3%[125]. Debt and Financial Position - The net debt decreased by 5% to HKD 63,479 million, down from HKD 66,915 million[6]. - The capital net debt ratio (excluding lease liabilities) improved to 19.8%, down from 21.4%[6]. - The total borrowings and bonds as of June 30, 2024, amounted to HKD 80,225 million, an increase from HKD 69,218 million at the end of 2023[81]. - The weighted average debt maturity is 2.8 years, with a weighted average cost of debt at 4.0%[83]. - The total available committed financing as of June 30, 2024, is HKD 119.960 billion, with HKD 39.427 billion undrawn[85]. - The net debt-to-equity ratio is 19.8% as of June 30, 2024, compared to 21.4% in the previous year[89]. - The interest coverage ratio is 4.4 times, down from 4.8 times in the previous year[89]. Investment and Development - The company is committed to a ten-year investment plan of HKD 100 billion, with 65% of the funds allocated to property development projects in core markets as of August 2, 2024[8]. - The company signed an agreement in February 2024 to acquire over 50% of ThaiNamthip Corporation Ltd. for a total consideration of approximately THB 42.657 billion (approximately HKD 9.497 billion)[7]. - The new intelligent green production base in Guangdong, with a total investment of RMB 1.25 billion, officially commenced construction in May 2024, aiming to be the largest green intelligent diversified factory in the domestic market[7]. - The company is actively seeking opportunities to sell assets in the United States as part of its capital recycling strategy[30]. - The company plans to expand its market presence in Southeast Asia, with a revenue contribution of HKD 4,504 million from this region[105]. Sector Performance - The beverage division recorded a recurring profit of HKD 878 million in the first half of 2024, down from HKD 1.627 billion in the same period of 2023, primarily due to the sale of American Swire Coca-Cola[10]. - The property division's recurring basic profit for the first half of 2024 was HKD 2.899 billion, a decrease of 9% compared to HKD 3.188 billion in the first half of 2023[9]. - The hotel business in Hong Kong is recovering slower than expected, while the performance of hotels in mainland China remains relatively stable[22]. - The retail property portfolio in Hong Kong is showing signs of weakness, with efforts to mitigate the negative impacts of changing consumer patterns[22]. - The airline division's passenger flights have reached 80% of pre-pandemic levels in the second quarter of 2024, with ongoing recruitment and training efforts to support network expansion[11]. Market Outlook and Strategy - The company is focusing on sustainable development and expanding its core sectors in Greater China and Southeast Asia[5]. - The company is exploring new business areas, including healthcare, to drive long-term growth[5]. - The group expects stable demand for base maintenance services in the second half of 2024, with ongoing recovery in field maintenance work[13]. - The company anticipates retail demand in mainland China to remain robust despite challenges in the Hong Kong market[13]. - The group aims to reduce carbon intensity by 12% from 2019 levels by 2030, alongside a goal of achieving net-zero carbon emissions by 2050[13].

Financial Performance - The company's profit attributable to shareholders for the first half of 2024 is HKD 3,914 million, a decrease of 7% compared to HKD 4,221 million in the same period last year[6]. - Revenue for the first half of 2024 is HKD 39,563 million, down 23% from HKD 51,544 million in the previous year[6]. - The operating profit for the first half of 2024 is HKD 4,945 million, a decline of 3% from HKD 5,079 million in the same period last year[6]. - The company's cash generated from operations is HKD 5,307 million, a decrease of 26% compared to HKD 7,206 million in the previous year[6]. - The group's consolidated profit attributable to shareholders for the first half of 2024 was HKD 31.914 billion, compared to HKD 42.221 billion in the same period of 2023, reflecting a decrease of approximately 24.4%[9]. - The recurring basic profit attributable to shareholders, excluding changes in investment property values, was HKD 55.776 billion, slightly down from HKD 55.994 billion in the first half of 2023[9]. - The company reported a net profit attributable to shareholders of HKD 543 million for the first half of 2024, down from HKD 651 million in the same period of 2023[61]. - The company reported a profit attributable to shareholders of HKD 597 million for the first half of 2024, including a non-recurring gain of HKD 197 million from the disposal of non-current assets in a joint venture in mainland China[86]. Dividends and Earnings Per Share - The basic earnings per share for 'A' shares is HKD 3.90, an increase of 1% from HKD 3.86 in the previous year[6]. - The interim dividend per share for 'A' shares is HKD 1.25, up 4% from HKD 1.20 in the previous year[6]. - The company declared an interim dividend of HKD 1.25 per 'A' share and HKD 0.25 per 'B' share, representing a 4% increase from the previous interim dividend[14]. - Basic earnings per share for 'A' shares was HKD 2.74, compared to HKD 2.91 in the same period last year, reflecting a decrease of 5.8%[122]. Debt and Financial Position - The net debt is HKD 63,479 million, down 5% from HKD 66,915 million in the previous year[6]. - The capital net debt ratio, excluding lease liabilities, is 19.8%, a decrease of 1.6 percentage points from 21.4% last year[6]. - The company has a strong financial position with available liquid funds of HKD 46.8 billion and a net debt-to-equity ratio of 19.8% as of June 30, 2024[15]. - The total borrowings and debt securities as of June 30, 2024, amounted to HKD 109,723 million, with HKD 30,046 million remaining undrawn[109]. - The weighted average debt maturity decreased to 2.8 years from 3.2 years in 2023, while the weighted average cost of debt increased to 4.0% from 3.8%[111]. - The net debt-to-equity ratio as of June 30, 2024, was 19.8%, a decrease from 21.4% as of December 31, 2023[115]. Sector Performance - The aviation sector continued to drive strong performance, with Cathay Pacific achieving a profit of HKD 36.613 billion in the first half of 2024, compared to HKD 42.668 billion in the same period of 2023[12]. - Swire Properties reported a recurring basic profit of HKD 28.998 billion for the first half of 2024, down 9% from HKD 31.888 billion in the same period of 2023[10]. - Swire Coca-Cola recorded a recurring profit of HKD 8.778 billion in the first half of 2024, a decrease from HKD 16.727 billion in the same period of 2023, primarily due to the sale of Swire Coca-Cola USA[11]. - The beverage segment reported revenues of HKD 17,139 million for the six months ended June 30, 2024, compared to HKD 30,446 million for the same period in 2023, reflecting a decrease of approximately 43%[60]. - The company anticipates challenges in revenue due to sluggish local consumption in mainland China, but stable raw material costs and effective cost management efforts are expected to alleviate profit pressure[66]. Investment and Expansion Plans - The company aims to focus on long-term growth in the Greater China and Southeast Asia regions, with plans to expand into healthcare and other new sectors[3]. - The group has committed 65% of its HKD 100 billion investment plan in property development projects in core markets as of August 2, 2024[8]. - The company plans to invest over HKD 100 billion in the next seven years across fleet, cabin products, digital upgrades, and sustainability initiatives[20]. - The group is focusing on expanding its healthcare services platform and seeking investment opportunities in major urban areas in mainland China and Southeast Asia[20]. - The company has committed HKD 9.39 billion in capital contributions for joint ventures in mainland China[53]. Market Conditions and Challenges - The hotel business in Hong Kong is recovering slower than expected, while performance in mainland China remains relatively stable[30]. - The outlook for the Hong Kong office market remains weak, with rental pressures expected to continue in the second half of 2024[38]. - The company anticipates continued pressure on sales in the second half of 2024 due to ongoing trends of local residents traveling abroad and reduced tourist spending[104]. - The company expects market confidence and sentiment to take time to recover after interest rate hikes, despite a stable outlook for the premium residential property market in Shanghai[57]. Operational Efficiency and Cost Management - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming quarters[63]. - The company has initiated new strategies for operational efficiency and cost management to improve profitability moving forward[63]. - The company plans to continue its management and operational strategies to enhance revenue growth and control costs effectively[66]. Real Estate and Property Investments - The company has nine residential development projects underway, with four located in Hong Kong and five in other countries including Indonesia and Vietnam[24]. - The company reported a total operating profit from property investment of HKD 4,385 million, up from HKD 4,250 million in the previous year[25]. - The investment property portfolio was valued at HKD 279.54 billion as of June 30, 2024, down from HKD 280.59 billion as of December 31, 2023, reflecting a decline in fair value of investment properties[49]. - The company has successfully completed the acquisition of a 49.895% equity interest in the Yidi Port Phase II project, increasing its stake from 35%[31]. Healthcare Sector Developments - The group completed the acquisition of a controlling stake in Dada Healthcare in April 2024, marking its first major investment in the healthcare sector[13]. - The company reported a loss of HKD 132 million in its healthcare business for the first half of 2024, compared to a loss of HKD 80 million in the same period of 2023[97]. - The company made an investment in Indonesia Healthcare Corporation (IHC) in July 2024, marking its first entry into the Southeast Asian healthcare market[98]. Share Repurchase and Capital Management - The group repurchased 26,380,000 'A' shares and 29,112,500 'B' shares in the first half of 2024, totaling HKD 2.014 billion[14]. - The company repurchased shares amounting to HKD 2,006 million during the six months ended June 30, 2024[107].

】【 大古公司 報 告 股份代號： 'A' 股 00019 'B' 股 00087 畫 三 目 錄 | --- | --- | --- | --- | |-------|--------------------------|---------|-------------------------------------| | | | | | | 2 | 企業宣言 | | 財務報表 | | 4 | 二零二三年表現摘要 | | 獨立核數師報告 | | 5 | 主席報告 | 121 129 | 綜合損益表 | | | | 130 | 綜合其他全面收益表 | | | 管理層論述及分析 | 131 | 綜合財務狀況表 | | 12 | 二零二三年表現評述及展望 | 132 | 綜合現金流量表 | | 62 | 財務評述 | 133 | 綜合權益變動表 | | 72 | 融資 | 134 | 財務報表附註 | | | | 211 | 會計政策 | | | 企業管治及可持續發展 | 214 | 主要附屬公司、合資公司及聯屬公司 | | 82 | 企業管治報告 | 224 | 國泰航空有限公司 — 財務報表節錄 | | 98 ...

Financial Performance - The company's equity return for 2023 was 11.0%, an increase of 9.4 percentage points from 1.6% in 2022[2]. - The earnings attributable to shareholders reached HKD 28,853 million, a significant increase of 588% from HKD 4,195 million in 2022[2]. - Basic earnings for 2023 were HKD 36,177 million, up 662% from HKD 4,748 million in the previous year[2]. - Revenue for the year was HKD 94,823 million, reflecting a growth of 3% compared to HKD 91,693 million in 2022[2]. - Operating profit increased by 150% to HKD 30,621 million from HKD 12,241 million in 2022[2]. - The group recorded a record basic profit of HKD 36.2 billion for 2023, driven by significant non-recurring items, including HKD 22.9 billion from the sale of the US Swire Coca-Cola business[8]. - The group achieved a recurring basic profit of HKD 10.44 billion in 2023, compared to HKD 3.8 billion in 2022, reflecting a substantial recovery in the aviation sector[11]. - The group announced a total dividend of HKD 3.20 per 'A' share and HKD 0.64 per 'B' share for 2023, a 7% increase from the previous year[17]. - The group reported a net profit attributable to shareholders of HKD 2,599 million for 2023, down from HKD 7,983 million in 2022, indicating a decrease of approximately 67.5%[31]. - The company reported a net profit of HKD 29,838 million for 2023, up from HKD 6,269 million in 2022, an increase of 376.5%[121]. Cash Flow and Debt Management - The company reported a net cash inflow of HKD 22,947 million before financing, compared to a net outflow of HKD 9,386 million in the previous year[2]. - The net debt decreased by 3% to HKD 55,136 million from HKD 56,759 million in 2022[2]. - The Group's available liquidity increased from HKD 33.1 billion to HKD 48.9 billion as of December 31, 2023[18]. - The Group's net debt-to-capital ratio stands at 17.0%, indicating a strong balance sheet amidst a high-interest environment[18]. - The company repaid borrowings and bonds totaling HKD 25,886 million in 2023, an increase from HKD 18,866 million in 2022, representing a rise of 37.5%[125]. - The company reported a net cash inflow from financing activities of HKD 13,030 million, a significant change from the net outflow of HKD 9,386 million in 2022[125]. Business Strategy and Growth Areas - The company aims to focus on long-term growth in the Greater China and Southeast Asia regions, particularly in real estate, beverages, and aviation sectors[3]. - The company is exploring new business areas such as healthcare to diversify its operations[3]. - The company plans to invest in core markets, with expectations of stable performance in the mainland China market in 2024[20]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[126]. Real Estate and Property Development - Swire Properties continues its HKD 100 billion investment plan, with nearly 60% committed to core market projects by March 2024[9]. - Swire Properties is developing major retail-led projects in Xi'an and Sanya, and has successfully acquired a 40% stake in two integrated development projects in Shanghai[9]. - The real estate segment includes approximately 34.4 million square feet of investment properties and hotels, with 24.4 million square feet already completed[23]. - The company plans to focus on developing high-end residential properties and expanding its presence in Hong Kong and mainland China markets[27]. - The total area of properties under development is projected to reach 34.4 million square feet, with significant projects in Hong Kong and mainland China[26]. Aviation Sector Performance - Cathay Pacific carried 18 million passengers in 2023, an increase of over five times compared to 2022, marking the first profitable year since 2019[10]. - The group achieved a net profit of HKD 97,889 million in 2023, a turnaround from a loss of HKD 66,623 million in 2022[85]. - Passenger revenue soared to HKD 55,951 million in 2023, a remarkable increase of 308.8% compared to HKD 13,686 million in 2022[83]. - The number of passengers carried reached 17,985 thousand, a staggering increase of 541.4% compared to 2,804 thousand in 2022[83]. - The group operated approximately 80 destinations by the end of 2023, with passenger capacity recovering to 70% of pre-pandemic levels[84]. Beverage Segment Performance - Total revenue for the beverage segment in 2023 was HKD 51,844 million, a decrease of 2.1% from HKD 54,225 million in 2022[68]. - EBITDA for the beverage segment was HKD 28,807 million, significantly up from HKD 5,545 million in the previous year[68]. - The company aims to enhance its brand portfolio and maintain a leading position in the beverage market through strategic partnerships with Coca-Cola[67]. - Swire Coca-Cola recorded a recurring profit of HKD 2.39 billion in 2023, slightly up from HKD 2.39 billion in 2022, despite the impact of the sale of the US franchise[13]. Sustainability and Environmental Initiatives - In 2023, the company implemented internal carbon pricing across its operations, with over 90% of greenhouse gas emissions coming from Swire Properties, Swire Coca-Cola, and Hong Kong Aircraft Engineering Company[19]. - As of the end of 2023, sustainable finance accounted for over 47% of the company's total financing[19]. - Cathay Pacific aims to increase the use of sustainable aviation fuel to 10% of total fuel consumption by 2030, with a goal of achieving net-zero carbon emissions by 2050[19]. Shareholder Returns and Dividends - The company paid dividends to shareholders amounting to HKD 16,108 million, compared to HKD 4,118 million in the previous year, reflecting a substantial increase of 290.5%[125]. - The company declared a special interim dividend of HKD 8.120 per share for 'A' shares and HKD 1.624 per share for 'B' shares, with no special dividend declared in 2022[135]. - The company plans to announce a second interim dividend of HKD 2.00 per share for 'A' shares and HKD 0.40 per share for 'B' shares in March 2024[135]. Market Challenges and Outlook - The Hong Kong office market is expected to remain weak in 2024, with increased competition from Central and Kowloon East putting downward pressure on rental rates[61]. - The outlook for mainland China indicates challenges due to sluggish domestic consumption, with expected pressure on profits from rising raw material prices and operating expenses[76]. - Despite economic uncertainties, Hong Kong's retail sales are projected to continue improving, supported by strong marketing activities and membership reward programs[61].

Investment Rating - The report does not provide a specific investment rating for the company [2]. Core Insights - The company plans to acquire a 55.7% stake in ThaiNamthip for approximately HKD 94.701 billion and will sell about 30% of its interests in Cambodian and Vietnamese Coca-Cola bottling operations for approximately USD 2.711 billion (around HKD 21.15 billion) [4][6]. - The acquisition aims to form a strategic bottling alliance in Northern ASEAN, which includes Thailand, Laos, Cambodia, and Vietnam, enhancing the company's beverage business expansion in Southeast Asia [4][6]. - Southeast Asia is expected to be a significant growth driver for the company's beverage business, with beverage revenue contributing 59.1% to total income in H1 2023 [4][6]. - The company has a remaining buyback capacity of approximately HKD 54.4 billion, which is expected to provide support for the stock price [4][9]. - The company maintains a strong cash position and a sustainable dividend policy, emphasizing shareholder returns through its buyback plan [4][11]. Summary by Sections Market Data - Closing price (A shares) is HKD 63.20, total shares outstanding are 856.82 million, and total market capitalization is HKD 542 billion [2]. Financial Performance - For H1 2023, the company reported operating revenue of HKD 51.544 billion, with a year-on-year growth of 15.0% [5]. - The recurring net profit attributable to shareholders was HKD 4.879 billion, showing a significant increase of 283.6% year-on-year [5]. - The net profit margin for H1 2023 was 9.5%, indicating improved profitability [5]. Share Buyback Program - The company announced a buyback program of HKD 60 billion, representing about 9% of its total market capitalization as of the announcement date [4][9]. - As of February 16, 2024, the company had repurchased approximately HKD 5.6 billion worth of shares, with an average daily buyback amounting to 16.2% of the trading volume for A shares and 21.8% for B shares [9][11].