Near-Term Pressures Persist for Li & Fung, Future Hinges on Major Customer Acquisition
We lower our fair value estimate for no-moat Li & Fung to HKD 3.06 from HKD 3.14 following insight from the company’s 2018 investor day. We believe Li & Fung is set to endure a worse-than-expected top-line decline this year, as management anticipates more retail bankruptcies and deflationary pressure to persist. Despite efforts the company is putting into its Speed Initiative aka “supply chain of the future,†slow adoption and uncertainties around costs continue to weigh on our outlook f...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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