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Research Report

23/11/2020 17:53

{I-bank focus}Daiwa lifts Fosun Int'l (00656) to HK$13.5

[ET Net News Agency, 23 November 2020] Daiwa Research lifted its target price for Fosun
International (00656) to HK$13.5 from HK$12 and reiterated its "buy" rating.
The research house said recent newsflow on vaccines, in particular with regard to
BioNTech, a key partner of Fosun, has turned the market's attention to Fosun's ability to
run the value chain across different industries, and its sharp business sense in seizing
investment or partnership opportunities in the key areas in which it operates.
Daiwa sees Fosun as being able to use its strength in healthcare, happiness, and
insurance to explore (1) health insurance sales being facilitated by long-term medication
services, (2) online health insurance sales and services blended into its retail
ecosystem, and (3) Managed Health Insurance (MHI).
Daiwa cut its 2020-22 earnings forecasts by 8% to 18% due to weakness in its Happiness
segment, especially luxury spending, hotels and resorts in Europe. (KL)

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