As Li & Fung Sells, So Should We; FVE Lowered to HKD 3.54, Special Dividend a Sweetener
We think Li & Fung’s recent share price gains exceed the benefit of a special dividend of HKD 0.476 per share, to be paid out from proceeds of a HKD 1.1 billion asset disposal, and we regard this as an opportune time to sell the shares.  We maintain our no-moat rating and lower our fair value estimate to HKD 3.54 per share from HKD 3.64 following a reduction in our cash flow projection, in the absence of contributions from the verticals to be sold. We think it will take some time for the fir...
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