国盛证券：首予第一太平(00142)“买入”评级 跨领域投资管理的领军企业

Core Viewpoint - Guosheng Securities initiates coverage on First Pacific (00142) with a "Buy" rating, highlighting the company's resilient growth through diversified business collaboration and strong competitive advantages in the Asia-Pacific investment management sector [1] Group 1: Company Overview - First Pacific has over 40 years of development, categorized into four phases: diversified exploration, focus on livelihood, industry integration, and strategic deepening, establishing itself as a leader in cross-sector investment management [1] - The company is primarily focused on the livelihood sector, with four main business areas: consumer food, telecommunications, infrastructure, and natural resources [1] - The management team, led by Lin Fengsheng and Peng Zeren, has extensive cross-industry experience and operates efficiently [1] Group 2: Financial Performance - In 2024, First Pacific is projected to achieve revenue of $10.057 billion, a year-on-year decrease of 4.31%, while net profit attributable to shareholders is expected to be $600 million, reflecting a year-on-year increase of 19.77%, indicating strong profitability and stable performance [1] Group 3: Business Segments - Consumer Food: The consumer food segment, centered around Indofood (50.1% economic interest), is a leading player in the instant noodle market, with 2024 revenue of $7.29 billion, a slight decrease of 0.65%, contributing $333 million in profit to First Pacific, up 16.91% [2] - Infrastructure: The infrastructure segment, led by MPIC (49.9% economic interest), reported a 2024 revenue of $1.3 billion, a year-on-year increase of 19%, contributing $199 million in profit to First Pacific, up 24.78% [2] - Telecommunications: The telecommunications segment, primarily through PLDT (25.6% economic interest), contributed $149 million in profit to First Pacific in 2024, a 3.70% increase, with a focus on digital services and 5G technology for future growth [3] - Natural Resources: The natural resources segment, managed by Philex Mining (31.2% economic interest), contributed $5 million in profit to First Pacific in 2024, a decrease of 36.84%, with expectations for significant capacity increases in the future [3]