[ET Net News Agency, 30 September 2019] Morgan Stanley lowered its target price for
Fosun International (00656) to HK$11 from HK$16 and downgraded its rating to
"equal-weight" from "overweight" due to limited upside.
Whilst Fosun was able to deliver an impressive earnings CAGR of 24% from 2013 to 2017,
the research house said its earnings momentum has slowed since 2018 largely affected by a
weaker value realization environment.
Morgan said the company is largely on track with its transformation into a retail
operator from a PE investor and has made continual progress to digitalize its operation
and explore synergies. (KL)