As Special Dividend Is Finalized, U.S. Tariff Weighs and Li & Fung Shares Remain Overvalued
No-moat Li & Fung has finalized the schedule for the special dividend payout from its asset sales announced in December 2017. With a record date of May 23 and a payment date of May 29, the HKD 0.476 per share represents 13% of our fair value estimate and equates to a payout of roughly USD 520 million. To reflect the cash outflow, we will adjust our fair value estimate down by HKD 0.476 to HKD 3.06 as the shares go ex-dividend on May 21. We still believe the company’s current share price more...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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