[ET Net News Agency, 28 March 2018] Citi Research lifted its target price for Fosun
International (00656) to HK$25 from HK$23, and reiterated its "buy" rating.
The research house said Fosun reported better FY2017 net profit of RMB13,161m (+28%
YoY). Book value rose 28% YoY to HK$33.28/share.
In 2017, Fosun did more than 50 value-accretive divestments and 10 IPOs. Citi believes
there could be more to come in 2018 given the favorable sentiment for IPOs in HK and
China. It believes BabyTree, the largest online portal that targets the fast-growing
parenting community in China, could be one such candidate.
Reflecting FY2017 results, Citi raised its FY2018-19 earnings by 10-14%. (KL)