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| HSCEI1 | 8,395.01 | -55.09 | 40.78B |
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2026-09-03 11:33:48 UBS published a research report on SWIRE PACIFIC A (00019.HK), which announced the repurchase of HKD4.7 billion of CATHAY PAC AIR (00293.HK)'s convertible bonds (CBs) and the placement of 362 million shares of CATHAY PAC AIR. After the transaction is completed, SWIRE PACIFIC A's stake in CATHAY PAC AIR will sink to 39.2%. The broker believed the transaction is aimed at reducing its stake in CATHAY PAC AIR in order to lower potential fair value losses arising from the CBs if CATHAY PAC AIR's share price continues to rise. Given SWIRE PACIFIC A's dividend policy of distributing 100% of dividends received from CATHAY PAC AIR, the loss of full-year dividend contribution for FY2026 was estimated at approximately HKD340 million on an annualized basis, equivalent to 5.6% of SWIRE PACIFIC A's forecast dividend. The broker maintained a Neutral rating on SWIRE PACIFIC A with a TP of HKD95. ~ AASTOCKS Financial News Website: www.aastocks.com | |