Fosun International 0656

Re: Fosun International 0656

Postby winston » Thu Aug 29, 2019 7:24 am

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Fosun launch new products and invests in unicorns

Source: SCMP

https://www.scmp.com/business/companies ... t-unicorns
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Re: Fosun International 0656

Postby winston » Tue Sep 24, 2019 1:48 pm

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Fosun International return on capital impossible to estimate

How do you sell happiness?

Fosun International, the largest shareholder of now-defunct British travel company, Thomas Cook Group Plc, apparently does just that, Bloomberg reports.

In the first half of 2019, the Chinese conglomerate generated 31 billion yuan in sales and 1.8 billion yuan in profit from its “Happiness” business, which consists of tourism, fashion and consumer lifestyle.

The existential mumbo jumbo doesn’t end there. Fosun also counts Wealth and Health among its major business units.

Fosun has been a busy buyer over the last five years, with US$18 billion of deals at home and abroad, according to data compiled by Bloomberg.

Under the Happiness umbrella alone, there was luxury resort Club Med SAS, which Fosun bought in 2014 for US$1.3 billion; an 18 percent stake in Tsingtao Brewery Co.; French fashion house Jeanne Lanvin SAS; and German clothing retailer Tom Tailor Holding SE.

But the collapse of Thomas Cook, a 178-year-old British travel agency, has raised questions about whether the private-equity-style investment house is able to provide any value to its portfolio companies – and if so, how to assess it.

It is almost impossible for investors to calculate Fosun’s return on capital at the brand level, or discern which part of its acquisition strategy is actually working.

When it comes to valuing financial conglomerates, investors tend to rely on a sum-of-the-parts analysis. If they can't figure out what each part is worth, they’ll start to assign a deep conglomerate discount.

Over the years, Fosun’s value by this measure has depreciated, and the company now trades at a 30 percent discount to book.

In the long term, the company’s opaque structure will only derail its ambitions as an investment powerhouse.

By comparison, the financials of SoftBank Group Corp., another acquisitive conglomerate, are a lot easier to parse (and that’s saying something). Investors can go straight to the company’s website to see the market capitalization of major listed stocks the company holds. Its major acquisitions, such as Sprint Corp., ARM Holdings Inc., and the many startup shares it has bought via the US$100 billion Vision Fund, are displayed as separate business segments in its income statement.

There is one thing Fosun is good at: recycling its investments.

In its 2018 upgrade report, Moody’s noted that Fosun completed 26.8 billion yuan of new deals and disposed of 27.2 billion yuan of assets the year before. And the spin continues.

Despite Hong Kong's political turmoil, the company has managed to raise US$410 million from its listing of Shanghai Henlius Biotech Inc.

In December, the firm listed Fosun Tourism Group, which held the company’s equity stake in Thomas Cook.

But neither a fast metabolism nor a busy recycling schedule can make investors fall in love – or mask a private-equity wannabe that can’t offer a clearer picture of its return on capital. Perhaps a corporate restructuring would be a more concrete fix than attaining happiness.

Source: The Standard

http://www.thestandard.com.hk/breaking- ... 0924&sid=2
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Re: Fosun International 0656

Postby winston » Wed Sep 25, 2019 8:35 pm

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Fosun facing US$1.5 bn hit on Thomas Cook

Since 2015, the Shanghai-based conglomerate and its chairman, Guo Guangchang, have built up a massive, 18% stake in Thomas Cook.


Source: Asia Times

https://www.asiatimes.com/2019/09/artic ... omas-cook/
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Re: Fosun International 0656

Postby winston » Fri Sep 27, 2019 3:20 pm

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FOSUN INTL: Limited Impact from Thomas Cook Compulsory Liquidation Application

FOSUN INTL (00656.HK) made an announcement about the market speculation in relation to the investment in Thomas Cook by the Group.

As at 30 June 2019, the Group held approximately 18.6% equity interests in Thomas Cook and the carrying amount was approximately RMB327 million.

Therefore, the application for compulsory liquidation of Thomas Cook has limited financial impact to the Group.

The Group has not acquired any further interest in Thomas Cook after 30 June 2019.

The Company would like to clarify that the Group has never provided any guarantee to Thomas Cook and has not made any investment in relation to the possible recapitalization of Thomas Cook.

Source: AAStocks Financial News
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Re: Fosun International 0656

Postby winston » Thu Oct 03, 2019 3:52 pm

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Sep 30, 2019

<Research Report>M Stanley Downgrades FOSUN INTL (00656.HK) to Equalweight with TP Cut to $11

Despite 2013-17 earnings CAGR of 24%, FOSUN INTL (00656.HK) tracked significantly slower earnings growth in 2018 when economic environment was weak.

Morgan Stanley noted the company is gradually transforming from a private equity investor into a retail operator, making continued progress in operation digitalization and exploring synergies.

The broker axed the firm's 2019-21E earnings by 10%-13%.

Overall, FOSUN INTL was downgraded from Overweight to Equalweight, with target cut from $16 to $11.

Source: AAStocks Financial News
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Re: Fosun International 0656

Postby winston » Wed Apr 01, 2020 8:15 am

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Fosun powers to record 14.8b yuan profit

by Stella Zhai

Mainland conglomerate Fosun International (0656) said it has seen profit growth for the eighth consecutive year, with its net profit rising 10 percent last year to a record high of 14.8 billion yuan (HK$16.18 billion).

Earnings per share were 1.73 yuan, and the company declared a final dividend of 27 HK cents, totaling a full-year dividend of 40 HK cents per share, a 20.3 percent increase from a year before.

Total revenue climbed 31 percent year-on-year to 142.98 billion yuan, with revenue generated from its health business rising 14 percent to 33.13 billion yuan.

Revenue from its "happiness" business, mainly the retail store chain operator Yuyuan, surged by 50 percent from a year ago to 67.56 billion yuan, net profit of the segment grew 6 percent year-on-year to 3.21 billion yuan.

The increase was boosted by the brand refresh of jewelry and fashion sales, with the revenue up 23 percent from a year ago and the number of sales outlets up by 669 to 2,759 by the end of the year, said the group.

Also, the group's "wealth" segment, or insurance business, saw its revenue rise 20 percent to 43.37 billion yuan, with the revenue of Fosun Insurance Portugal surging by 40 percent from a year ago.

Meanwhile, Fosun Pharmaceutical (2196) under the group posted its net profit rose 22.6 percent year-on-year to 3.32 billion yuan, and earnings per share were 1.3 yuan.

The drugmaker's revenue increased by 14.72 percent year-on-year to 28.59 billion yuan.

Shares of Fosun International climbed 2.52 percent to HK$8.96, while Fosun Pharmaceutical rose by 1.19 percent to HK$25.50.

Source: The Standard

https://www.thestandard.com.hk/section- ... uan-profit
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Re: Fosun International 0656

Postby winston » Thu Jul 02, 2020 11:48 am

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Fosun International (656 HK) - Normalizing; but slower for overseas operations

Fosun International is a family focused multinational company that has three key ecosystems:
1. Wealth (insurance, finance and investment)
2. Health (healthcare, pharma) and
3. Happiness (fashion, retail, tourism).

The group seeks to acquire and integrate companies (both domestic and overseas) to bring the best products to China to meet the needs of Chinese families, as well as help its portfolio companies expand globally. HOLD.

Source: OCBC
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Re: Fosun International 0656

Postby winston » Tue Jul 28, 2020 2:55 pm

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Fosun International (656 HK) - Issues 1H20 profit warning

After our HOLD-rated report on Fosun International on 1 July 2020, the share price of 656 HK rose 10% from HKD9.86 to HKD10.86 in a week but subsequently corrected by 13% to HKD9.45, as at 24 July 2020.

This follows the broader Hang Seng Index movement, though Fosun’s stock underperformed the market by about 6% over this period.

The company also released a profit warning last Friday, and expects earnings to be in the range of RMB1.8-2.2b, compared to RMB7.6b in 1H19.

The slide follows an impairment to its assets and restrictions on travels and social gatherings that impacted its tourism-related businesses.

That said, we expect the group to dispose some assets such as its investment in Alibaba’s logistics affiliate Cainiao, which has worked out well for the group. This should provide cushion to finances. HOLD.

Source: OCBC
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Re: Fosun International 0656

Postby winston » Tue Apr 20, 2021 3:43 pm

Fosun International (656 HK) - Gradual recovery overseas and focusing on R&D

Fosun International is a family focused multinational company that has three key ecosystems:
1. Wealth (insurance, finance and investment)
2. Health (healthcare, pharma) and
3. Happiness (fashion, retail, tourism).

The group seeks to acquire and integrate companies (both domestic and overseas) to bring the best products to China to meet the needs of Chinese families, as well as help its portfolio companies expand globally. BUY.

Source: OCBC
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Re: Fosun International 0656

Postby winston » Fri Sep 16, 2022 4:02 pm

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Fosun International Ltd (0656 HK) rose 9.6% yesterday.

Since September 6th, Fosun International has entered the market and repurchased shares four times, accumulatively repurchasing 15.8 million shares at a cost of about HK$73.63 million.

According to information on Fosun's official website, on September 14, Zhu Wenkui, vice president of Fosun International, called on relevant leaders of the Beijing Municipal State-owned Assets Supervision and Administration Commission.

The two parties conducted in-depth exchanges on the long-term cooperation between Fosun and Beijing state-owned enterprises and their participation in the progress of mixed-ownership reform of state-owned enterprises and discussed strengthening cooperation in the future and promoting the accelerated implementation of projects in Beijing.

Source: KGI
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