Li & Fung Posted Lackluster Result; With Retail Headwinds Due to Persist, FVE Reduced to HKD 2.49
Li & Fung reported another disappointing earning result that missed both consensus and our estimates. Revenue for the first half of 2018 was down almost 10%, and profits attributed to shareholders dropped by a staggering 19% on a like-for-like basis. Management continues to cite the overall promotional environment and weak retail sentiment in developed markets as the reasons behind its poor operational performance, and we think these headwinds will persist. It has also been a year and a half...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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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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