Hashtag
The Times Real Estate

Essential Safety Equipment for Roofing Work

Roofing is one of the most dangerous trades, with falls being a leading cause of workplace injuries.  Having the right roofing sa...

How to Choose the Right Forex Trading Platform

Every trader requires a trustworthy platform with real-time data, flawless execution, and the necessary tools to examine the ma...

Transformative Beauty Experiences in the Heart of Neutral Bay

This beauty parlour is a refuge of luxury and peace tucked away in the quaint area of Neutral Bay. Skilled beauticians offer c...

Why Annual House Inspections are Crucial for Maintaining Property Value

A home is one of the most valuable assets you'll ever own, but keeping it in top condition requires ongoing care. What may seem ...

Electronic Logbooks vs. Paper Logbooks: Why Digital Solutions Are the Future

Every business needs accurate tracking and documentation for daily operations, compliance, and equipment maintenance; without it...

The Importance of Having a Defibrillator in Public Spaces

Life is uncertain! It is almost impossible to be 100% sure of the future, anything can happen to anyone at any time. However, i...

Goldman Sachs recently published a research report, recognizing the healthy recovery of Fosun's core businesses and expressing its bullish view on Fosun's strategy of focusing on the development of core businesses where it boasts clear competitive advantages. Goldman Sachs assigned the Company a target price of HK$7.7, with approximately 57% upside.

Goldmans Sachs pointed out that Fosun International's 2023 interim results was in line with its expectations, the Group achieved a total revenue of RMB97.06 billion, representing a year-on-year increase of approximately 11%; the key indicator reflecting the Company's operational capabilities - industrial operation profit, if excluding the profit of disposed enterprises (including transactions yet to be completed), representing a significant year-on-year increase of 66%, demonstrating significant improvement in the profitability of core businesses. Taking Fosun's Happiness segment as an example, Fosun Tourism Group (FTG) and Yuyuan saw a strong recovery. Goldman Sachs pointed out that the net profit improvement was mainly attributable to profit turnaround from FTG with solid recovery in Club Med and Atlantis Sanya; and the notable net profit growth for Yuyuan (a year-on-year increase of 226%) was driven by Yuyuan's jewelry and fashion business (a year-on-year increase of 35%).

Goldman Sachs said while acknowledging the continued challenges from the macro environment such as weak consumption sentiment, geopolitics, higher interest rate, Fosun has proactively implemented its business streamlining and core business-focused strategy, centering family consumption, and enhancing asset-light operations, therefore, Fosun's management is optimistic for the Company to weather through economic cycles. Goldman Sachs also recognized Fosun's efforts in the disposal of non-strategy and non-core assets and its active efforts in exploring financing channels, thereby maintaining a steady debt to capital ratio. As of 30 June 2023, Fosun's cash and bank balances and term deposits were abundant, reaching approximately RMB115 billion, its total debts to total capital ratio was 51.8% and the average cost of debt was around 5.3%, maintaining at a manageable level. In the first half of 2023, cash inflow from divestment amounted to more than RMB14.0 billion at the holding company level and more than RMB20.0 billion at the consolidated level. In January 2023, Fosun High Technology successfully entered into a syndicated loan agreement for an amount of RMB12 billion with eight domestic banks. As of 30 June 2023, the Group had no material offshore bonds due in one year.

Looking ahead, Goldman Sachs believed that after divesting its non-strategy and non-core assets, the Group would be able to focus more on its core businesses and empowering its subsidiaries to further improve underlying business performance in coming years. The firm sees value at the current level and looks for more signs of execution on deleveraging and earnings recovery, therefore it maintained its Buy rating on Fosun.

Hashtag: #Fosun

The issuer is solely responsible for the content of this announcement.

IN THE NEWS

IGC Continues to Promote Artificial Intelligence Strategic Transformation by "Technology Driven…

HONG KONG SAR - Media OutReach Newswire - 31 October 2024 - International Genius Company ("IGC", stock .

Why you need to write longer content if you want to rank well

Content is king or so the old adage goes and when it comes to search engine optimisation (SEO) and ra.

China Wantian Holdings was awarded the "2024 Hong Kong International ESG Award"

HONG KONG SAR – Media OutReach Newswire - 6 November 2024 - At the "2024 Hong Kong International ESG Awar.

OctaTrader Introduces "Space": A Popular Analytics Hub Enhancing Trading Decisions

KUALA LUMPUR, MALAYSIA - Pinion Newswire - 9 December 2024 - In 2024, OctaTrader has emerged as a popular.

3 Toxic “Girl Boss” Tips We Need to Let Go Of in 2022

Every millennial will know all about the "girl boss" culture that arose in the early 2010s. Populariz.

Melco is honored with a collective total of six diamonds from Black Pearl Restaurant Guide 2025

MACAU SAR - Media OutReach Newswire - 6 January 2025 - Melco Resorts & Entertainment has been honore.

Health & Wellness

The Importance of Having a Defibrillator in Public Spaces

Hashtag.net.au - avatar Hashtag.net.au

Life is uncertain! It is almost impossible to be 100% sure of the future, anything can happen to anyone at any time. However, in the case of Sudden Cardiac Arrests (SCA), the presence of an Automat...

Understanding Anxiety: Different Types and Treatment Options

Hashtag.net.au - avatar Hashtag.net.au

(Source) Every person experiences anxiety in some form as they face either pre-event heart palpitations before important events or constant sleep deprivation because of ongoing concerns. People exp...

How Technology Is Improving Community Support Services?

Hashtag.net.au - avatar Hashtag.net.au

(Source) Technology is literally a part of our everyday lives. Everything we do is highly dependent on technology in this day and age. The interesting part is that not just the younger generations ...