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Swire Pacific (OTC:SWRAY) Stock, Option Chain

Swire Pacific

SWIRE PACIFIC LTD CL

Swire Pacific is a Hong Kong-based conglomerate with interests in property, aviation, beverage, trading, and industrials. The property division, an 82% stake in Swire Properties, contributes more than half of the group's operating profit. The beverage division is one of two Coca-Cola bottlers in mainland China and also a bottler in Hong Kong, Taiwan, Thailand, Laos, Vietnam, and Cambodia. The aviation division consists of Haeco, an aircraft engineering company, and a 45% stake in Cathay Pacific. As of end December 2023, John Swire & Sons, the parent company, holds a 60% stake in Swire Pacific but has 68% of the voting rights through a dual-class share structure.

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Swire Pacific Sponsored representing 1 Class A Share

SWRAY

Thursday saw a wave of announcements by companies on the Hong Kong Stock Exchange as in particular property developers and banks react to the Country Garden Holdings Limited (OTC: CTRYF) default on a $15 million interest payment Wednesday.

3 Hong Kong Corporate Debt Announcements You May Have Missed Thursday – And What Traders Say

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Hong Kong Broadband Network (HKBN Ltd.), Hong Kong’s second-largest telecommunications provider, issued a profit warning Monday, saying that its earnings had swung into losses as a result of rising interest rates.

High Interest Rates Thwart Leading Hong Kong Broadband Company Earnings

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SWIRE PAC LTD A S/ADR by Swire Pacific Ltd.

Swire Pacific Ltd

Thursday saw a wave of announcements by companies on the Hong Kong Stock Exchange as in particular property developers and banks react to the Country Garden Holdings Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ctryf#OTC">CTRYF</a>) default on a $15 million interest payment Wednesday.
Here are 3 related Hong Kong Stock Exchange announcements you might have missed along with some investor viewpoints from trading desks on the island:
<ul>
<li>Sino-Ocean Group Holding Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/sioly#OTC">SIOLY</a>) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1019/2023101900021.pdf" style="color:#0563c1">asked</a> its creditors for another week to make a bond interest payment due yesterday. The company now wants to make the interest payment on next week on October 26. A meeting to decide this will be held Friday morning in Hong Kong. Trader&rsquo;s View: This is the second time this month that Sino Ocean has sought a delay on its bond interest payments. <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35242419/chinese-property-developer-sino-ocean-group-asks-bondholders-to-delay-interest-payments" style="color:#0563c1">In the previous instance</a>, the developer sought an extension of two more months. Although they are shorter extensions than those being asked for by other property developers, the constant request to shift repayment deadlines doesn&rsquo;t bode well for Sino-Ocean or for its parent China Life Insurance Co Ltd (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ciljf#OTC">CILJF</a>).</li>
<li>Bank of China Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/bachf#OTC">BACHF</a>) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1019/2023101900123.pdf" style="color:#0563c1">issued</a> a prospectus for a $1.6 billion medium term note to overseas investors. In the filing, BoC said that it had issued $178 billion of bonds to date and net assets of around $218 billion. The prospectus shows an income statement illustrating rising sales for the bank during 2023. Trader&rsquo;s View: China&rsquo;s sovereign fund is snapping up shares of Bank of China now, which has an advantage over competitors now as regional Chinese banks suffer from a real estate loan crisis. The company has significant amounts of leeway to issue more debt if it wants to and increasing its liquidity position at this point only makes for a potentially stronger outlook.</li>
<li>Swire Pacific Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/swray#OTC">SWRAY</a>) <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1019/2023101900121.pdf" style="color:#0563c1">issued</a> a prospectus for a $5 billion medium term note offering which the company said was for working capital and general corporate purposes. Trader&rsquo;s View: Swire is one of Hong Kong&rsquo;s largest conglomerates and property owners, and is also the owner of airline Cathay Pacific which recently placed a $4 billion order with Airbus SE (OTC: <a class="ticker" href="https://www.benzinga.com/stock/eadsf#OTC">EADSF</a>) for 32 brand new A321 neo aircraft. Swire&rsquo;s stock is flat on the year and the company was recently upgraded by Zack&rsquo;s Equity Research to Strong Buy. As for Bank of China, increasing the firm&rsquo;s liquidity position at this point makes sense as the firm can muscle in on struggling rivals.</li>
</ul>

Hong Kong Broadband Network (HKBN Ltd.), Hong Kong&rsquo;s second-largest telecommunications provider, <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2023/1009/2023100900061.pdf" style="color:#0563c1">issued</a> a profit warning Monday, saying that its earnings had swung into losses as a result of rising interest rates.
HKBD said that it expected to make a HK$1.3 billion ($167 million) loss for the year ending August 2023 vs. a profit of HK$500 million for same period last year. It attributed the big loss to its joint ventures&nbsp;and a rising Hong Kong Interbank Borrowing Rate (HIBOR). HKBD said its borrowing costs are priced at HIBOR plus a fixed margin.
In its 2022 Annual Report, HKBN <a href="https://reg.hkbn.net/WwwCMS/upload/pdf/en/20221111_AnnualReport2022_Eng.pdf" style="color:#0563c1">attributed</a> better financing rates as a helpful offset to its losses incurred by deals with joint venture partners as a result of sluggish local consumption. This year, that situation has reversed as a result of continued hawkishness by the Federal Reserve Bank.
HIBOR has <a href="https://www.hsbc.com.hk/mortgages/tools/hibor-rate/" style="color:#0563c1">surged</a> by over four times in 2023 as rising US interest rates have increased borrowing costs everywhere. Year-to-date, the HIBOR average is 3.95% vs. just 0.77% for the same time last year, according to HSBC plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/hsbc#NYSE">HSBC</a>).&nbsp;
HIBOR is a daily floating interest rate usually calulated on a weekly basis for external lending&nbsp;purposes. As of October 6, HIBOR was near a 16-year high at 4.85%.
Why It Matters: A high HIBOR is seen as a bearish measure for Hong Kong growth. HIBOR is the standard rate at which borrowing costs are priced in Hong Kong.
The rising HIBOR has put huge pressure on all borrowers and mortgage holders in Hong Kong, <a href="https://www.benzinga.com/markets/penny-stocks/23/10/35128718/is-there-a-real-estate-bubble-in-hong-kong-thats-about-to-burst" style="color:#0563c1">who have been ratcheting up more debt over the course of the year as property prices have been in freefall</a>.
Earnings of property developers such as China Evergrande Group (OTC: <a class="ticker" href="https://www.benzinga.com/stock/egrnf#OTC">EGRNF</a>), Country Garden Holdings Company Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ctryy#OTC">CTRYY</a>) and Longfor Holdings Group Limited (OTC: <a class="ticker" href="https://www.benzinga.com/stock/lgfry#OTC">LGFRY</a>) could be affected by the sharp increase in HIBOR during 2023 as the increased mortgage rates put off new home buyers.
Other companies that could be affected by an increased&nbsp;HIBOR are those with high rates of borrowing such as Swire Pacific Ltd. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/swray#OTC">SWRAY</a>) and New World Development Co Limited (OTC: NVDLY), both of which <a href="https://www.bnnbloomberg.ca/hong-kong-tycoons-race-to-cut-debt-with-8-4-billion-asset-sales-1.1939103" style="color:#0563c1">disposed</a> of assets in June to defray higher borrowing costs. &nbsp;

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