Re: Fosun International 0656
Posted: Wed Jan 09, 2019 9:16 am
not vested
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
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