Sun Art Retail is facing challenges from changing trends in retail formats.
The biggest takeaway from no-moat Sun Art Retail's earnings presentation is that management does not expect a substantial increase in profits from the collaboration with Alibaba in new retail in the next three years. Management guided to a dividend payout ratio range of 30%-40%, a cut from over 70% in 2016 and 44% in 2017 as the group needs to reserve cash for new retail, online-to-offline investments. Capital expenditure is expected to double to CNY 4 billion in 2018 for new retail investments....Sun Art Retail Group is an investment holding company, engaged in the operation of hypermarkets in the People's Republic of China (PRC), under two banners of Auchan and RT-Mart. As of Dec 31 2014, Co. had a total of 372 hypermarket complexes in China, with a total gross floor area of approximately 10,277,525 sq. m.
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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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