FIRST Pacific Co is a regional conglomerate with interests ranging from banking to telecommunications.
This time last year, brokerage MeesPierson placed a buy on the stock, saying earnings from the group's telecommunications division would rise over the next three years.
This advice went awry as the stock was hammered by competition in telecoms and exposure to Southeast Asian economies.
Twelve months ago, First Pacific shares traded at $10.50. Now they are worth $5.40, having lagged the Hang Seng Index by 34.2 per cent.