What the broker said...

PUBLISHED : Sunday, 17 November, 2002, 12:00am
UPDATED : Sunday, 17 November, 2002, 12:00am


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The First Pacific group mainly deals in the consumer, telecommunications, property and banking businesses.

Worries surrounding the group's convertible bond commitments drove the company's share price down in January this year.

But the successful sale of Thai conglomerate Berli Jucker for US$125 million and Indonesian pharmaceutical company Darya-Varia for US$35 million meant meeting bond payments was not a problem for the firm.

An ING Barings report from nearly a year ago maintained a 'buy' recommendation, with a 12-month price target of HK$1.48.

'Getting debt levels under control is highest on [First Pacific's] list of priorities as the company sees this factor as having the greatest influence over the share price at present,' Barings said.

The sales also gave the impression that First Pacific was focused on its core businesses - instant-noodle maker Indofoods and Philippine Long Distance Telephone.

Graphic: THEN17gwz