Customers' cost pressures are likely to weigh on Li & Fung commissions for a while longer.
We are maintaining our HKD 3.54 fair value estimate for no-moat Li & Fung after the company posted full-year results in line with our expectations. Li & Fung’s stock price fell 10% following the earnings release, which we suspect is partly due to tariffs concerns, moving closer to our intrinsic value. At present, we believe the company is fairly valued. A lack of follow-through into 2018 thus far from strong U.S. holiday retail sales figures is a drag. Li & Fung is set to endure top-...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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