SWIRE Pacific is a conglomerate with businesses including property, trading and aviation.
This time last year, ING Baring Securities put a sell on the stock, saying Swire was creating too much office space and would be hurt by the market's dislike of its associate Cathay Pacific Airways.
This proved excellent advice as falling tourism saw Cathay experience its worst year in decades. Twelve months ago, Swire shares traded at $74.75. Now they are worth $38.70, having lagged the Hang Seng Index by 33.7 per cent.