[ET Net News Agency, 3 August 2020] HSBC Global Research lowered its target price for
Fosun International (00656) to HK$15.2 from HK$15.5 and maintained its "buy" rating.
The research house said Fosun's weak 1H appears to be largely reflected as the company's
share price fell 23% year-to-date with a historically high conglomerate discount of 51%
currently.
Except for Fosun Tourism Group (FTG)(01992), other major listed subsidiaries of Fosun
have maintained strong momentum in both operations and share prices. The domestic segment
of FTG is seeing encouraging recovery, according to the company, with Atlantis Sanya and
Clubmed resorts in China reaching over 80% occupation rates since May.
HSBC believes the worst is behind us for FTG. Thus, once investors are convinced by the
recovery of FTG's operating data in 2H, especially the overseas business, HSBC expects
Fosun's share price and conglomerate discount to see a re-rating to reflect the strong
momentum of its other major segments. (KL)
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00656 FOSUN INTL
Nominal 
4.230 -0.060 (-1.399%) Research Report
03/08/2020 17:45
{I-bank focus}HSBC lowers Fosun Int'l (00656) to HK$15.2
| Remark: | Real time quote last updated: 16/04/2024 13:27 |
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