Goldman Sachs assigns "neutral" rating for Swire Pacific
Published: 17 Sep 2009 21:57:37 PSTSep. 18, 2009 (China Knowledge) - U.S.-based investment bank Goldman Sachs Group Inc recently decided to retain its "neutral" rating for Swire Pacific Ltd<0019><0087> and set the stock's target price at HK$84. Swire Pacific, which is engaged in real estate, aviation, beverage production, marine services, trading and industry, recently bought a 12.45% stake in Hong Kong Aircraft Engineering Co from Cathay Pacific Airways <0293>. Cathay Pacific's direct interest in the aircraft maintenance provider was reduced to 15% from 27.45%, while Swire Pacific's shareholding increased to 45.97% from 33.52%. The move may boost Swire Pacific's profit by less than 1%, said the brokerage. Goldman also raised its estimate of Swire Pacific's earnings per share for 2009 by 8.3% to HK$4.59. Swire Pacific is the parent company of Cathay Pacific, Hong Kong's biggest carrier. Copyright © 2009 www.chinaknowledge.com |
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