Heavy aviation business, too ancient, has a profit warning

Under the continued demonstrations in Hong Kong, the integrated company Taikoo (00019) issued a profit warning, pointing out that its aviation, real estate and retail businesses were affected by the demonstrations

It is expected that the comprehensive recurring basic profit in 2019 will be lower than last year; Cathay Pacific (00293) The half-year performance is inferior, which is the biggest reason for dragging down performance.

The review of the business outlook after the release of the interim report yesterday indicated that the demonstrations in Hong Kong continued to reduce the passenger volume of Cathay Pacific and adversely affected the booking of the aircraft. Therefore, it is no longer expected that Cathay Pacific’s second-half results will be better than the first half. Cathay Pacific has taken the lead in warning last month. “The market environment before the end of this year is expected to be difficult for Cathay."

Recurring profit for the whole year is lower than last year

As early as August, Swire has predicted that the global economy will be affected by geopolitical and trade frictions, which will affect the demand for air passenger and cargo transportation. At the same time, the demonstrations in Hong Kong not only reduced the number of visitors to Hong Kong in July, but also adversely affected the reservation of aircraft. influences.

In the real estate sector, Swire Properties (01972), the demonstrations continued, and the retail sales of its stores continued to be affected. Taidi has provided rent concessions to some retail tenants, making it one of the first big owners who are willing to spend time with tenants.

In the trade and industrial sector, sales of Swire Resources’ retail outlets continued to be affected by demonstrations and it is expected that Gion Foods will record a larger loss. As for the performance prospects of other businesses, it is roughly the same as the three-month estimate

Swire said that it has reviewed the book value of the fleet of Swire Pacific Ocean Development Group and expects to account for an impairment charge of $2.12 billion. It will also include 440 million for the design of the cabin design of the HAECO (Americas) and the food business of Gion. Yuan impairment expenses.

However, Swire stressed that as the sale of investment properties in the first half of the year recorded a revenue of 11.937 billion yuan, the sale of another investment property in the second half of the year also recorded a revenue of approximately 1.442 billion yuan. Therefore, it is expected that the comprehensive basic profit for 2019 will still be significantly higher than 2018.

Since the demonstrations in June, Swire and Pacific stocks have fallen 20.3% and 24.4%.

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