Lowering Li & Fung’s FVE as Company Shares Go Ex-Dividend
As Li & Fung pays out its USD 520 million in special dividends and shares go ex-dividend, we adjust our fair value estimate for the company down to HKD 3.14 per share from HKD 3.54. We reiterate our no-moat rating, as we do not believe the company’s current business model will enable it to maintain a return on invested capital above the weighted average cost of capital. We also think online business-to-business platforms such as Alibaba make it easier for clothing and accessory brands to sou...Li & Fung is an investment holding company. Through its subsidiaries, Co. is a consumer goods design, development, sourcing and logistics company for retailers and brands around the world. Co. is engaged in managing supply chains of high-volume, time-sensitive goods. Co. operates under two business networks, namely the Trading Network and the Logistics Network. The Trading Network focuses on provision of the global sourcing services via multiple channels, such as buying agent, trading-as-principal for private label merchandise and on-shore wholesale business. The Logistics Network focuses on provision of logistics solutions and freight forwarding services.
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