穿越周期的战略定力：解码第一太平(00142.HK)财报中的逆势增长密码

Core Viewpoint - In the context of a slowing global economy and increasing geopolitical tensions in 2024, the company has demonstrated strong performance through quality growth, creating verifiable value from invested capital [1] Group 1: Business Performance - The company's core business has shown resilience, achieving a recurring profit increase of 11.4% year-on-year to $672.5 million, marking a four-year high [1] - The Indofood brand has become the largest profit driver, contributing$333 million, a 17% increase year-on-year, through product innovation and expanded distribution [3] - PLDT's operations maintained stability with a profit contribution of $149 million, a 4$495 million, driven by strong energy sales and water price adjustments [4] Group 2: Financial Structure - The company exhibits prudent capital management, maintaining a cash interest coverage ratio above 4 times and reducing average debt interest rates from 5.4% to 5.1% [5] - Despite currency depreciation, the core business has continued to achieve profit growth, with the Philippine peso and Indonesian rupiah depreciating by 9% and 11% respectively over the past six years [5][6] - The company’s financial health and cash reserves support ongoing dividend distributions, with a proposed final dividend of 13.5 HK cents per share, an 8% increase year-on-year [6] Group 3: Dividend and Investor Confidence - The company maintains a long-term dividend payout ratio of 5%-8%, which is attractive compared to bank deposits and fixed-income products, providing stability for investors [7] - The company has a history of stable and sustainable dividends, reflecting management's commitment to shareholder returns and effective strategic execution [8] - Ratings from Moody's and S&P affirm the company's financial resilience, with stable outlooks, indicating a strong growth trajectory [8]