Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>First Pacific is a Hong Kong-based investment holding company with a compelling exposure to the high-growth consumer and infrastructure sectors in the Philippines and Indonesia.</li>
 <li>The company's core holdings, PLDT Inc. and PT Indofood, hold dominant market positions in their respective industries, providing stable and growing dividend streams.</li>
 <li>Trading at a significant discount to its peers and its intrinsic value, First Pacific presents an attractive valuation proposition, complemented by a progressive dividend policy and a strong track record of net income growth.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  First Pacific is a Hong Kong-based investment holding company with a compelling exposure to the high-growth consumer and infrastructure sectors in the Philippines and Indonesia.
  The company's core holdings, PLDT Inc. and PT Indofood, hold dominant market positions in their respective industries, providing stable and growing dividend streams.
  Trading at a significant discount to its peers and its intrinsic value, First Pacific presents an attractive valuation proposition, complemented by a progressive dividend policy and a strong track record of net income growth.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: First Pacific Co (142 HK) - Apr 2026

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>Hong Kong Alpha portfolio gained 8.45% in September and 60.89% and 62.80% YTD and since launch one year ago.  The portfolio has outperformed Hong Kong indexes by more than 40%.</li>
<li>The portfolio has a Sharpe ratio of 3.23 YTD and has generated more than 40% of its returns from stock-picking (alpha).  Its beta is low at only 1.17.</li>
<li>At the end of September, we increased exposure to AI and robotics and sold positions in the consumer and finance sectors.</li>
</ul>


Hong Kong Alpha portfolio gained 8.45% in September and 60.89% and 62.80% YTD and since launch one year ago.  The portfolio has outperformed Hong Kong indexes by more than 40%.
The portfolio has a Sharpe ratio of 3.23 YTD and has generated more than 40% of its returns from stock-picking (alpha).  Its beta is low at only 1.17.
At the end of September, we increased exposure to AI and robotics and sold positions in the consumer and finance sectors.


HONG KONG ALPHA PORTFOLIO: (September 2025)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific Co (142 HK)</a> is a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.</li>
<li>As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.</li>
<li>Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.</li>
</ul>



First Pacific Co (142 HK) is a Southeast Asian conglomerate that has been handicapped by its listing in the Hong Kong market over the last several years.
As Southeast Asian markets (Indonesia and Philippines) begin to re-rate on the back of a more accommodating Fed policy, First Pacific is beginning to participate in the uptrend.
Metro Pacific Investments Corp (MPIC), the second largest piece of the company's NAV has been active in acquiring more infrastructure assets since being privatized last year.


BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

Shanghai Electric Group / Equity Bottom-Up

<ul>
<li>Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.</li>
<li>Stocks are chosen from single stock insights as well as sector and weekly publications.</li>
<li>Positions will be adjusted once a month and the cash position will vary based on market conditions.</li>
</ul>


Hong Kong Long-Only portfolio launched on October 1st with objective to generate alpha in the Hong Kong market.
Stocks are chosen from single stock insights as well as sector and weekly publications.
Positions will be adjusted once a month and the cash position will vary based on market conditions.


Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in October 2023, a consortium including <a href="https://www.smartkarma.com/entities/first-pacific-co-ltd" target="_blank" data-smartkarma-citation="entities:173:1" rel="noopener">First Pacific (142 HK)</a> took <a href="https://www.smartkarma.com/entities/metro-pacific-investments-co" target="_blank" data-smartkarma-citation="entities:1054:1" rel="noopener">Metro Pacific Investments Co (MPI PM)</a> private. First Pac's 46.2% share at delisting was worth ~US$1.25bn.</li>
<li>Following <a href="https://www.smartkarma.com/entities/mitsui-co-ltd" target="_blank" data-smartkarma-citation="entities:20799:1" rel="noopener">Mitsui (8031 JP)</a>-backed Mit-Pacific's possible stake in a tollway operator held by MPIC, First Pac's 43.2% holding in MPIC, including the 47.5% stake in Meralco, is potentially worth ~US$3.21bn.</li>
<li>The question is whether this recent development from Mitsui has any bearing. First Pac's discount to NAV is elevated versus its historical trading range. </li>
</ul>


Back in October 2023, a consortium including First Pacific (142 HK) took Metro Pacific Investments Co (MPI PM) private. First Pac's 46.2% share at delisting was worth ~US$1.25bn.
Following Mitsui (8031 JP)-backed Mit-Pacific's possible stake in a tollway operator held by MPIC, First Pac's 43.2% holding in MPIC, including the 47.5% stake in Meralco, is potentially worth ~US$3.21bn.
The question is whether this recent development from Mitsui has any bearing. First Pac's discount to NAV is elevated versus its historical trading range. 


First Pacific (142 HK): Even More Value In The Stub

Hong Kong

First Pacific is a Hong Kong-based investment management and holding company with operations across Asia. Its principal investments are in consumer food products, telecommunications, infrastructure, and natural resources. The company was founded in 1981 and is headquartered in Central, Hong Kong.

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First Pacific (142 HK)

Primer: First Pacific Co (142 HK) - Apr 2026

First Pacific is a Hong Kong-based investment holding company with a compelling exposure to the high-growth consumer and infrastructure sectors...

αSK

HONG KONG ALPHA PORTFOLIO: (September 2025)

Due to the sudden escalation of US/China tensions we have decided to reduce AI and other risk exposure in the Hong Kong Alpha portfolio at the open...

David Mudd

BUY: First Pacific Company (142 HK): Right Stock Trapped in the Wrong Market

Since our insight on 1st Pac last Sept., the stock has gained 33%. Company had solid 2024 results. MPIC, the undervalued Phil./Indonesia...

David Mudd

HONG KONG ALPHA PORTFOLIO - Introduction

We have launched a Hong Kong portfolio with the aim to outperform HK indexes and generate alpha. Stocks are chosen from those highlighted in our...

David Mudd

First Pacific (142 HK): Even More Value In The Stub

First Pac's NAV discount has narrowed, and trading around multi-year lows. There is clear value in the NAV. And trading volume is up. But absent a...

David Blennerhassett

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