<ET Net News Agency, 13 August 2010> Citigroup raised its target price for Li & Fung
(00494) to HK$49.6 to from HK$42.7, and maintained its "buy" call.
Citi sees two concerns on Li & Fung - from slowing overseas demand and uncertainties
over the IDS acquisition. While the house is skeptical on the IDS investment, it said
other recent acquisitions should continue to drive revenue and margins growth.
Citi believes Jimlar and the seven investments announced in July could contribute
US$1.54bn to 2011 revenue, or 9.5% growth from the house's current 2010 sales forecast. W
It also expects significant growth from the Wal-Mart sourcing business in 2011.
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