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Citi lifts Swire Pacific (00019) to HK$95

  Citi Research lifted its target price for Swire 
Pacific (00019) to HK$95 from HK$90 after marking Swire's listed subsidiaries to market, 
and reiterated its "buy" rating.
  The research house raised its FY2018-19 earnings forecasts by 1-4% reflecting FY2017 
results and latest operating trends. Citi expects profit from Beverages to grow 27% in 
FY2018, largely reflecting the first full-year contributions from the new franchise
territories. It also expects SPO's operating loss to narrow to HK$408m in FY2018 and 
HK$250m in FY2019. Citi remains hopeful that SPO can break even by FY2020.

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