研报掘金丨国盛证券：首予第一太平“买入”评级，多元业务效应持续释放，核心业务稳健增长

Core Viewpoint - Guosheng Securities has initiated coverage of First Pacific (0142.HK) with a "Buy" rating, highlighting the company's strong growth resilience and synergy through diversified operations in the Asia-Pacific investment management sector [1][2] Group 1: Business Overview - First Pacific operates in four main sectors: consumer food, telecommunications, infrastructure, and natural resources, maintaining a solid competitive position in Southeast Asian markets such as Indonesia and the Philippines [1] - The consumer food segment is the core business, with Indofood Group leading in instant noodles and flour markets in Indonesia [1] - The infrastructure business, led by MPIC, covers various sectors including power, toll roads, water, and healthcare, showing good growth trends in recent years [1] - The telecommunications segment is supported by PLDT, a leading operator in the Philippines, with steady development in mobile communication, broadband services, data centers, and digital finance [1] - The natural resources segment currently contributes less but has growth potential with the upcoming production from the new Silangan mine [1] Group 2: Financial Performance - For 2024, First Pacific is projected to achieve a revenue of $10.057 billion and a net profit attributable to shareholders of $600 million, representing a year-on-year growth of 19.77% [1] - Guosheng Securities forecasts that net profit attributable to shareholders will reach $649 million, $708 million, and $767 million from 2025 to 2027, with an average annual growth rate of over 8% [1] - The company's profitability is expected to further improve due to the synergistic development of various business segments and enhanced operational efficiency [1]