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 region [1][2]. 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 positive 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]. 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 net profits for 2025, 2026, and 2027 to reach $649 million, $708 million, and $767 million respectively, with an average annual growth rate of over 8% [1]. Investment Outlook - The combination of a robust business structure, sustainable profit growth, and attractive valuation has led Guosheng Securities to issue a "Buy" rating, indicating confidence in First Pacific's long-term development value in the Asia-Pacific livelihood sector [2].