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SWIRE PACIFIC LIMITED

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Cathay Pacific given extension to draw down $1 billion govt loan

06/07/2021 | 10:07pm EDT
FILE PHOTO: A passenger walks to the First Class counter of Cathay Pacific Airways at Hong Kong Airport in Hong Kong

(Reuters) - Cathay Pacific Airways Ltd said on Tuesday that the Hong Kong government had agreed to extend the drawdown period for a HK$7.8 billion ($1.01 billion) loan facility by a year to June 2022, giving it more flexibility to manage liquidity.

The bridge loan was part of a $5 billion rescue package led by the Hong Kong government and Cathay's major shareholders Swire Pacific Ltd and Air China Ltd last year to help the airline weather the COVID-19 crisis.

Cathay Chief Executive Augustus Tang said in a statement the airline had not yet drawn down on the loan as it adopted a suite of measures to save cash, but the extension would give it more flexibility to manage its liquidity position.

Cathay had HK$28 billion of liquidity as of December 2020 and also raised HK$6.74 billion from a convertible bond issue in February and $650 million in a bond issue last month.

The airline's move to access as much liquidity as possible at a time when passenger numbers are down by more than 99% from 2019 levels follows a decision by rival Singapore Airlines Ltd last month to issue S$6.2 billion ($4.69 billion) of convertible bonds.

The Singapore Airlines convertible bonds, underwritten by majority shareholder Temasek Holdings, were an optional part of a state investor-led S$15 billion rescue package announced last year.

Both airlines lack domestic markets at a time when international borders are still largely shut.

($1 = 7.7591 Hong Kong dollars)

($1 = 1.3224 Singapore dollars)

(Reporting by Jamie Freed in Sydney; Editing by Muralikumar Anantharaman)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIR CHINA LIMITED 1.66% 6.14 End-of-day quote.0.66%
CATHAY PACIFIC AIRWAYS LIMITED 0.73% 6.93 End-of-day quote.-3.35%
SINGAPORE AIRLINES LIMITED 1.20% 5.05 End-of-day quote.17.99%
SWIRE PACIFIC LIMITED -0.44% 56.95 End-of-day quote.32.44%
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Financials
Sales 2021 83 839 M 10 800 M 10 800 M
Net income 2021 4 082 M 526 M 526 M
Net Debt 2021 37 500 M 4 831 M 4 831 M
P/E ratio 2021 23,7x
Yield 2021 3,29%
Capitalization 79 134 M 10 194 M 10 194 M
EV / Sales 2021 1,39x
EV / Sales 2022 1,31x
Nbr of Employees 86 768
Free-Float 42,5%
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Technical analysis trends SWIRE PACIFIC LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 70,13 HKD
Last Close Price 56,95 HKD
Spread / Highest target 63,3%
Spread / Average Target 23,1%
Spread / Lowest Target -14,0%
EPS Revisions
Managers and Directors
NameTitle
Martin James Murray Executive Director & Finance Director
Merlin Bingham Swire Chairman
Chien Lee Independent Non-Executive Director
Timothy George Freshwater Independent Non-Executive Director
Wai Mun Lee Independent Non-Executive Director
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