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RTNominal down10.100 -0.080 (-0.786%)

02/08/2019 10:38

{I-bank focus}Daiwa cuts Fosun Int'l (00656) to HK$18

[ET Net News Agency, 2 August 2019] Daiwa Research lowered its target price for Fosun
International (00656) to HK$18 from HK$20 and maintained its "buy" rating.
The research house said many investors may worry about companies like Fosun, whose
business involves cross-border M&As and multi-national operations, in the face of
financial market volatility across the globe and anti-globalisation sentiment.
However, Daiwa sees Fosun's "Buy and Operate" model operating as usual.
It noted that the majority of Fosun's operations are in emerging markets, with its
developed market exposure largely in the UK and Europe. Its US exposure is minimal.
Daiwa cut its 2019-20 net profit forecasts by 13% on (1) weak investment markets across
the globe, which affect the results of its insurance and investment segments, and (2)
slower growth in its health segment given unfavourable regulations in the pharmaceutical
industry in China. (KL)

Remark: Real time quote last updated: 26/02/2020 15:45
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