[ET Net News Agency, 29 July 2020] Morgan Stanley trimmed its target price for Fosun
International (00656) to HK$10 from HK$10.8 to reflect lower earnings projections and
maintained its "equal-weight" rating.
The research house expects Fosun's 1H earnings to drop 74%, in line with the company's
profit alert of a 71-76% earnings decline. This material decrease was mostly due to a
stronger-than-expected Covid-19 impact on its tourism operations.
Moody's yesterday downgraded its outlook on Fosun to negative. But Morgan said it has
not seen a severe impairment of Fosun's cash position so far, and the company has taken
moves (e.g. selling a 6.7% stake in Cainiao for US$1.3bn and renewing US$600mn maturing
bonds) to boost liquidity and maintain its 50% gearing ratio. (KL)
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00656 FOSUN INTL
Nominal 
4.220 -0.070 (-1.632%) Others
29/07/2020 16:52
{I-bank focus}Morgan trims Fosun Int'l (00656) to HK$10
| Remark: | Real time quote last updated: 16/04/2024 17:59 |
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