not vested
LI & FUNG (00494.HK) upgraded to Overweight, target trimmed to $11 - JPM
2014-06-30
According to the latest research report by JP Morgan, LI & FUNG (00494.HK) 0.000 (0.000%) Short selling $71.09M; Ratio 15.881% will held a Board meeting tomorrow so as to conclude a final decision on the proposal spin off of Global Brands (00787.HK).
If the resolution is passed, Global Brands (00787.HK) will likely to be listed by means of introduction on 9 July.
JP Morgan commented the spin off will bring positive impacts to LI & FUNG, since it will lead to stabilized growth and profit margin, as well as enhanced returns and cash flow.
Rating of LI & FUNG was upgraded to Overweight from Neutral, thanks to stabilizing gross margin, robust ROE, and lower gearing.
Target price was trimmed from $11.3 to $11.
Source: AAStocks Financial News