Given an Innovate or Die Bent, Li & Fung Deserves the Benefit of the Doubt; Shares a Bit Undervalued
We came back from Li & Fung’s investor day with more optimism after learning about the no-moat company’s sensible plan to radically transform its trading network business to adapt to the needs of its customers and implement a more responsive supply chain. Our DCF-generated fair value estimate is unchanged at HKD 4.3 per share and factors in the high uncertainty of execution of the transformation, the group’s track record of not meeting its prior three-year plan, and the degree of capital exp...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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