Fosun International 0656

Re: Fosun International 0656

Postby winston » Wed Jan 09, 2019 9:16 am

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Fosun International (656 HK): Moves with the market

Fosun International continues to unlock value from its investments, with the recent listing of Fosun Tourism in Dec last year, raising HK$3.34b (US$427m) following a similar-sized offering in Sep when Fosun Pharmaceutical spun off its Israeli laser-making unit Sisram Medical.

Fosun Tourism’s assets include Club Med as well as Atlantis, a luxury resort in Sanya, Hainan which was officially launched in Apr last year.

Weaker sentiment for the Hong Kong and Chinese stock markets has affected valuations for the group and may also crimp its ability to unlock investments at higher valuations.

We have tweaked our assumptions with lower valuations for listed peers on the healthcare and consumer segments, as well as the group’s listed entities, such that our fair value estimate slips to HK$16.22.

However, given the upside to our fair value, we maintain our BUY on the stock.

Source: OCBC
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Re: Fosun International 0656

Postby winston » Wed Jan 16, 2019 12:06 pm

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<Research Report>Citi Trims FOSUN INTL (00656.HK) Target to $16; Cuts 2018E Investment Income

Citigroup in its research report lowered FY18 investment income forecast on FOSUN INTL (00656.HK) given the volatility in the secondary market during the year, while earnings downgrades from more brokers were expected, likely to result in near-term share price weakness.

The broker kept Buy on FOSUN INTL at the target price $16, trimmed from $20.64.

Source: AAStocks Financial News
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Re: Fosun International 0656

Postby winston » Tue Mar 26, 2019 3:30 pm

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March 21, 2019

<Research Report>BofAML Cuts FOSUN INTL (00656.HK) TP to $18.2; Reiterated Buy on Enticing Valuation

Bank of America Merrill Lynch reiterated FOSUN INTL (00656.HK) at Buy, yet cutting its price objective by 18% to $18.2.

Seeing the company's appealing valuation, the broker believed recent market rebound could help FOSUN INTL unlock its investment value.

Source: AAStocks Financial News
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Re: Fosun International 0656

Postby winston » Tue Mar 26, 2019 3:32 pm

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March 7, 2019

<Research Report>C Suisse Cuts FOSUN INTL (00656.HK) TP to $17, Rated Outperform

FOSUN INTL (00656.HK) was in face of uncertainties in 2H18, including unstable investment market and policy as well as the need to make impairment provision for Follo Follie, Credit Suisse analysed in its report.

The broker trimmed the group's 2018-20 earning forecast by 13-23% to factor in the headwinds in 2H18, and lowered the target price to $17 from $24 with rating maintained at Outperform.

Source: AAStocks Financial News
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Re: Fosun International 0656

Postby winston » Tue Mar 26, 2019 3:35 pm

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Feb 22, 2019

FOSUN INTL: Company Holding Over 14.96M Tom Tailor Shares

FOSUN INTL (00656.HK) had earlier announced about subscription of Tom Tailor's shares and voluntary public takeover offer of the company to the shareholders of Tom Tailor.

The company last announced that the registration of the capital increase of Tom Tailor with the commercial register of the local court (Amtsgericht) of Hamburg, Germany was completed on 21 February 2019.

Upon the Completion of Subscription, the Group holds an aggregate of 14.9695 million Tom Tailor Shares, representing approximately 35.35% of the total issued share capital and voting rights of Tom Tailor.

Source: AAStocks Financial News
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Re: Fosun International 0656

Postby winston » Tue Mar 26, 2019 3:37 pm

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Jan 31, 2019

<Research Report>Daiwa Cuts FOSUN INTL (00656.HK) Target to $20 with Rating Buy

Daiwa previewed in its research report that FOSUN INTL (00656.HK) would report FY18 net profit of RMB13.3 billion, up 1% yearly, owing to the organic growth in health and insurance sectors, for which it was reiterated Buy.

On the other hand, the broker cut the target price on FOSUN INTL to $20 from $22, with 2018-20 EPS estimates trimmed by 10-14%, pricing in weak equity markets in 2H18 and one-off impairments.

Source: AAStocks Financial News
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Re: Fosun International 0656

Postby winston » Wed Mar 27, 2019 8:03 am

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Fosun basks in revamp

by Tereza Cai

Net profit at mainland conglomerate Fosun International (0656) climbed 1.9 percent to 13.4 billion yuan (HK$15.66 billion) last year, with a final dividend of 37 HK cents per share declared.

The payout ratio was 20 percent and a dividend yield of 3.25 percent.

Revenue rose 24.2 percent to 109.35 billion yuan.

Its health ecosystem division saw revenue rise 29.38 percent to 29.09 billion yuan, accounting for 26.61 percent of total revenue, mainly attributable to Fosun Pharma's revenue growth.

Its happiness ecosystem division recorded a 73.46 percent increase in revenue to 44.16 billion yuan, making up 40.38 percent of total revenue, mainly due to Yuyuan contributions being consolidated into the financial statements after the completion of the reorganization, as well as the business expansion of Club Med and the opening of Atlantis Sanya of Fosun Tourism (1992).

Wealth ecosystem revenue fell 9.5 percent to 36.88 billion yuan.

The group reported some initial public offerings of its mature assets, including the listing of Yuyuan in Shanghai, Fosun Tourism in December and Babytree (1761) in November in Hong Kong.

Fosun sank 28.5 billion yuan in 2018 into over 70 new investments with nearly half of them overseas, such as French health food company St Hubert and Sanyuan Foods for 625 million euros (HK$5.53 billion); a 17.99 percent equity interest in Tsingtao Brewery for HK$6.62 billion; and the acquisitions of fashion brands Lanvin and Wolford.

In July 2018, the group acquired 69.18 percent of Baihe Jiayuan, a matchmaking-to-wedding services provider, for four billion yuan.

It has also announced a takeover bid for troubled German clothing retailer Tom Tailor in February, hoping to further expand its reach into Europe's fashion sector.

Fosun said it would continue to focus on increasing its net asset value per share through continued value investments balanced with well-timed exits, and would continue to narrow the discount between the net asset value per share and the share price.

As of December 31, its adjusted NAV per share was HK$24.84. It share price stood at HK$11.82, down 1.83 percent.

Source: The Standard

http://www.thestandard.com.hk/section-n ... 0327&sid=2
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Re: Fosun International 0656

Postby winston » Wed Mar 27, 2019 8:24 am

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Fosun International books fair value loss of 141m euros for Folli Follie

Conglomerate Fosun International (0656) said today it has made full impairment provision for its investment in fashion retail group Folli Follie, and the fair value loss in 2018 was 141 million euros.

The accumulative net loss was 79 million euros.

The group and the fund under its management held a 16.37 percent equity interest in fashion retail group Folli Follie.

In May 2018, the Hellenic Capital Markets Commission suspended trading on Folli Follie shares citing its inability to provide financial data following a report by a hedge fund questioning its Asian business.

As at the end of the reporting period, Folli Follie was undergoing an independent audit by Ernst & Young at the request of the Greek regulator.

Fosun International said it will continue to follow closely on the development.

The group invested 86 million euros in Folli Follie. The total dividend the group has received over the years is 7 million euros.

The fair value gain accumulatively recognized at the end 2017 was 55 million euros.

Source: The Standard

http://www.thestandard.com.hk/breaking- ... 0326&sid=2
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Re: Fosun International 0656

Postby winston » Wed Mar 27, 2019 9:30 am

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Fosun International (656 HK): Net profit reaches record high

Fosun International (656 HK) delivered a 24.2% increase in revenue to RMB109.4b and a 1.9% rise in net profit to RMB13.4b, marking the seventh consecutive year of growth and reaching a new record high.

The group made a full impairment provision for its investment in Folli Follie, and the fair value loss recognized was EUR141m (~RMB1.07b).

The Health and Happiness Ecosystems accounted for 30.2% of net profit, and grew 18.7%, illustrating the group’s transition from a mainly investment driven growth model to one that has a more balanced mix of investments and industry operations.

A higher dividend of HK$0.37/share has been declared, implying a payout ratio of 20%. This compares to HK$0.35/share in FY17.

As at 31 Dec 2018, the group’s adjusted NAV/share was HK$24.84, a 19% decrease from Jun 2018. The current share price is hence at a ~52% discount to the group’s adjusted NAV.

Pending more details from management, we maintain our BUY rating but put our fair value
estimate of HK$16.22 under review.

Source: OCBC
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Re: Fosun International 0656

Postby winston » Mon May 06, 2019 11:25 am

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Mar 27, 2019

<Research Report>G Sachs Raises FOSUN INTL (00656.HK) TP to $16 on FY18 Profit Beat

Goldman Sachs issued a research report covering FOSUN INTL (00656.HK), whose 2018 net profit climbed 2% year-on-year to RMB13.4 billion, in-line with the bank's estimate and beating market forecast on better-than-expected investment revenue in 2H18 under unfavorable market conditions.

FOSUN INTL was reiterated Buy with target price lifted to $16 from $15.

Source: AAStocks Financial News
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