Li & Fung Result Missed Due to Customers’ Bankruptcies; 2017 Guidance Better than Our Estimates
Li & Fung’s full-year revenue missed our estimate by 6%, with core operating profit missing by 12% due to higher-than-expected bankruptcies of some customers. Excluding the effect of the bankruptcies, the core operating profit would be 2% below our estimate. Our fair value estimate of HKD 4.30 is not expected to have above low- to mid-single-digit change. A more detailed note and updates in forecasts will follow after the investor day held on March 30, where more information on the three-yea...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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