Lowering FVE For Li & Fung Amid Looming Trade War; Upping Uncertainty Rating to Very High
While there is no direct impact on Li & Fung’s book of business from the initial list of China imports into the U.S., there is a risk that the subsequent USD 200 billion list of goods that may be subject to a 10% additional tariff could affect Li & Fung’s trading business. As a result, we revise our fair value estimate for the company down to HKD 2.89 from HKD 3.06 to reflect this heightened risk. We also lift our uncertainty rating on Li & Fung’s cash flow and valuation to very hig...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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