Group 1 - The company Swire Properties (00019)/(00087) plans to issue a seven-year USD bond as early as Thursday (August 21) to refinance a $500 million note maturing in September [1] - Approximately 30% of Swire's total debt is denominated in RMB, and the company is actively seeking opportunities to diversify into other currencies [1] - The choice of a seven-year term for the bond issuance is influenced by the fact that most of the company's bank financing is for five years [1]

Group 1 - Goldman Sachs has adjusted its earnings per share forecast for Swire Properties (00019) for the years 2023 to 2027, with revisions ranging from a 9% downgrade to a 3% upgrade, and has lowered the target price from HKD 91.6 to HKD 90, maintaining a "Buy" rating [1] - Swire Properties reported a net profit of HKD 8.15 billion for the first half of the year, with actual net profit down 1% year-on-year to HKD 47 billion, aligning with Goldman Sachs' expectations and representing 49% of the firm's full-year forecast [1] - The company has increased its interim dividend per share to HKD 1.3, with recurring profit per share (excluding Cathay Pacific (00293)) at 49%, and aims for a payout ratio of 50-60% [1] Group 2 - Management expressed cautious optimism regarding business outlook during the earnings meeting, anticipating continued macroeconomic challenges but committing to long-term strategies and seeking investment opportunities in Hong Kong and the Greater Bay Area [1] - The report noted that Swire's stock price discount to net asset value has widened from approximately 20% to 33% over the past quarter, which is in line with the historical average of 25% to 30% [1] - The stock is viewed as providing a balanced risk exposure across property, consumer-related, and aviation sectors, with valuations at 4 times book value, 10 times forecasted earnings for the year, and a dividend yield of 5.2% considered not expensive [1]

Core Viewpoint - UBS reported that Swire Pacific (00019) had a mid-term recurring underlying profit of HKD 4.7 billion, a year-on-year decline of 1%, which was 12% below their expectations, primarily due to lower-than-expected contributions from Cathay Pacific (00293) [1] Financial Performance - The group's mid-term dividend was HKD 1.3, representing a year-on-year increase of 4%, which was largely in line with expectations [1] - The company has adjusted its earnings forecasts for 2025 to 2027 down by 1% to 5% to reflect changes in earnings estimates for Cathay, HAECO, and the beverage business [1] Management Strategy - Management reiterated their focus on long-term strategic investments and gradual dividends rather than share buybacks [1] - Future share buybacks will depend on stock price, debt ratio, and market conditions [1] Target Price Adjustment - UBS slightly lowered the target price for Swire Pacific from HKD 75 to HKD 74, maintaining a "Neutral" rating [1]

Core Viewpoint - UBS reports that Swire Properties (00019) has a mid-term recurring core profit of HKD 4.7 billion, a year-on-year decline of 1%, which is 12% below the bank's expectations, primarily due to lower-than-expected contributions from Cathay Pacific (00293) [1] Financial Performance - The group's mid-term dividend is HKD 1.3, a year-on-year increase of 4%, which is generally in line with expectations [1] - The company has adjusted its earnings forecasts for 2025 to 2027 down by 1% to 5% to reflect changes in earnings estimates for Cathay Pacific, HAECO, and the beverage business [1] Management Strategy - Management reiterated that they prioritize long-term strategic investments and gradual dividends over stock buybacks [1] - Future stock buybacks will depend on share price, debt ratios, and market conditions [1] Target Price and Rating - UBS has slightly lowered the target price for Swire Properties from HKD 75 to HKD 74, maintaining a "Neutral" rating [1]

Core Viewpoint - UBS reported that Swire Properties' recurring underlying profit for the first half was HKD 4.7 billion, a year-on-year decline of 1%, which was 12% below the bank's expectations, primarily due to lower-than-expected contributions from Cathay Pacific [1] Group 1: Financial Performance - The group's interim dividend was HKD 1.3, representing a year-on-year increase of 4%, which was generally in line with expectations [1] - The company has adjusted its earnings forecasts for 2025 to 2027 down by 1% to 5% to reflect revisions in earnings estimates for Cathay Pacific, HAECO, and beverage businesses [1] Group 2: Management Strategy - Management reiterated a focus on long-term strategic investments and a gradual dividend policy rather than stock buybacks; future buybacks will depend on share price, debt ratios, and market conditions [1] Group 3: Target Price and Rating - UBS slightly lowered the target price for Swire Properties from HKD 75 to HKD 74, maintaining a "Neutral" rating [1]

Core Viewpoint - Morgan Stanley's research report indicates that Swire Properties A's interim ordinary share dividend increased by 4% year-on-year to HKD 1.3, aligning with the bank's expectations, making it one of the few companies in their coverage to raise dividends [1] Financial Performance - Swire Properties A's recurring underlying profit was HKD 4.7 billion, representing a 1% year-on-year decline, which was below Morgan Stanley's estimates due to lower operating profit margins from intellectual property and reduced contributions from joint ventures and associates [1] Investment Rating - Morgan Stanley maintains a "Market Perform" rating on Swire Properties A with a target price of HKD 71, suggesting that the current price corresponds to a projected price-to-earnings ratio of 9 times for 2025, with a dividend yield of 5.2% [1]

Core Insights - The company reported a revenue of HKD 45.774 billion for the first half of 2025, representing a year-on-year increase of 16% [1] - The profit attributable to shareholders was HKD 0.815 billion, showing a significant decline of 79% compared to the previous year [1] Revenue Breakdown - The beverage segment generated revenue of HKD 21.515 billion, up from HKD 17.139 billion in the same period last year [1] - Revenue from mainland China was HKD 13.031 billion, with an attributable profit of HKD 0.588 billion, reflecting an 8% increase year-on-year [1] - Revenue from carbonated drinks, juice drinks, and energy drinks increased by 4%, 2%, and 51% respectively, while tea drinks and bottled water saw declines of 24% and 5% respectively [1] - Overall sales volume increased by 1% [1]

Group 1 - The core revenue of Swire Pacific Limited for the first half of the year reached HKD 45.774 billion, representing a year-on-year growth of 15.7% [1][3] - The attributable profit for shareholders was HKD 5.476 billion [1] - Swire Properties, a subsidiary of Swire Pacific, recorded an attributable profit of HKD 4.42 billion, an increase of 15% year-on-year [3] Group 2 - The performance of Swire Pacific's various business segments varied, with Cathay Pacific maintaining stable performance and the Hong Kong Aircraft Engineering Company showing strong results [3] - The beverage sector demonstrated steady performance but faces challenges in the current economic environment [3] - The Chairman of Swire Pacific expressed confidence in the long-term business outlook and plans to continue executing existing investment strategies while seeking growth opportunities in core markets, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area [3] Group 3 - Swire Properties' CEO indicated that the office rental rates are expected to remain under pressure in the short to medium term, although high occupancy rates are anticipated [3]

北京商报讯（记者 孔文燮）8月7日，可口可乐在华瓶装业务运营商之一的太古股份有限公司发布2025 年中期报告，报告期内实现收益约为457.74亿港元，同比增长16%；实现公司股东应占溢利约为8.15亿 港元，同比减少79%。分业务部门来看，在饮料部门方面，报告期内实现收益约为215.15亿港元，中国 内地收益约为130.31亿港元，应占溢利约为5.88亿港元，同比上升8%。汽水、果汁类饮料及能量饮料收 益分别增加4%、2%和51%，茶饮料及饮用水收益分别下跌24%和5%。 ...

Financial Data and Key Metrics Changes - The underlying profit for the company was $5.5 billion, and the recurring underlying profit was $4.7 billion, remaining close to the prior year [6][10] - Statutory profits decreased to $815 million, influenced by changes in the value of investment properties [10] - The company generated strong cash flow from operations, with a net debt of $71.3 billion and a gearing ratio of 23% [11][12] Business Line Data and Key Metrics Changes - The Property division saw a 15% increase in underlying profit, driven by higher disposal gains, although rental income from Hong Kong offices was soft [14][15] - In Beverages, revenue from the Chinese Mainland increased by 3%, with EBITDA margin improving to 12.8% [20][25] - Aviation division reported a 40% increase in recurring profit for HAECO, with Cathay Pacific's passenger revenue up 14% [27][29] Market Data and Key Metrics Changes - The retail market in the Chinese Mainland is performing well, offsetting softness in Hong Kong office markets [7][18] - The Chinese Mainland's gross rental income has shown a healthy CAGR of 11% from 2016 to 2024, with retail contributions now surpassing Hong Kong office contributions [18] - Southeast Asia faced challenges, including currency depreciation and intense competition, particularly in Vietnam and Cambodia [22][25] Company Strategy and Development Direction - The company is committed to investing HKD 100 billion over the next decade, with 67% of that already committed [2][15] - There are seven major property projects under construction in the Chinese Mainland, reflecting strong investment commitment [3][16] - The company is focusing on capital recycling and upgrading existing portfolios, with significant sales in Miami contributing to cash flow for new projects [14][18] Management's Comments on Operating Environment and Future Outlook - Management expects uncertainty in core markets to continue, particularly in Hong Kong office and Southeast Asia [34] - The retail market in the Chinese Mainland is anticipated to gradually improve, while challenges in beverage sales are expected due to subdued domestic spending [34] - The aviation sector is expected to maintain robust travel demand, although cargo market conditions remain uncertain [34][35] Other Important Information - The company has a progressive dividend policy, increasing the ordinary dividend per A share by 4% to HKD 1.30 [6][10] - Sustainability efforts are highlighted, with 60% of renewable energy usage in properties and 55% in beverages [12] Q&A Session Summary Question: Beverage ASP growth in Mainland China and outlook - Management noted that revenue grew by 3% and profit by 8% in the Chinese Mainland, driven by pricing initiatives, with a positive sparkling growth rate of 2.7% [39][41] Question: Southeast Asia challenges and share buyback program - Management acknowledged challenges in Southeast Asia but emphasized ongoing efforts to improve performance, while the share buyback program is considered but prioritized behind long-term investments [42][43] Question: Strategic focus for the next 3-5 years - Management highlighted a strong pipeline of investments in core divisions, particularly in aviation and property, with a focus on the Chinese Mainland and potential new projects in healthcare [47][49]