Business Daily Media

Business Marketing

.

Fosun’s Businesses Show an Upward Trend, Nomura Reiterates its "Overweight" Rating

HONG KONG SAR - Media OutReach - 20 March 2023 - On 19 March 2023, Nomura Orient International Securities ("Nomura") published a research report, stating that with the strategy of focusing on core businesses, Fosun International Limited's ("Fosun International" or the "Company") (stock code: 00656.HK) operations have continued to improve.

In the future, Fosun will focus on core businesses, innovation, and globalization. Nomura believes that with strong strategic determination, Fosun's business recovery is just around the corner, thus maintaining "overweight" rating on Fosun International, with a target price of HK$9.20.

Nomura pointed out that Fosun recently announced it has formally signed an agreement with Shagang Group on the transfer of 60% of the equity of Nanjing Nangang Iron & Steel United, and the overall transaction plan is progressing smoothly. Nomura believes that focusing on its core businesses and streamlining the organization is still the main strategic direction of Fosun International. Nomura also believes that Fosun's accelerated disposal of non-core businesses, consolidated capital buffer, active approach to adjust business structure, and focus on core businesses with high growth potential in the household consumption sector will enable the Company to achieve more valuable growth. At the same time, as Fosun continues to implement the strategy, Nomura believes that concerns regarding the Company's leverage ratio and liquidity will subside, and Fosun's fundamental operations are on an upward trend.

In addition, Nomura expressed optimism about Fosun's globalization strategy, and believes that Fosun International has formed solid globalization capability, which allows the Company to leverage its global business presence to gather resources around the world for customers worldwide. In terms of innovation, Fosun has always maintained a high investment in R&D, building a global innovation system led by product innovation, digital intelligence innovation, and management innovation, and leading the upgrade of family happiness with innovation.

On 17 and 18 March, Guo Guangchang, Chairman of Fosun International, attended the 23rd Annual Conference of Yabuli China Entrepreneurs Forum 2023, and the 6th Shanghai Forum Themed Zhejiang Entrepreneurs in the World & the 11th Member Representative Conference of ZCCS (Zhejiang Chamber of Commerce in Shanghai) hosted by the ZCCS, respectively. Guo Guangchang pointed out in his speech that for the future development, Fosun will first focus on innovation and R&D investment, especially in biopharmaceuticals. Secondly, Fosun will step up its efforts to improve global innovation capabilities and operational capabilities. Fosun has full confidence in its overall development goals for this year.

Guo Guangchang said that since the beginning of this year, he has truly felt the rapid recovery of consumption, offline consumption in particular. In fact, Fosun's various businesses demonstrated optimistic performance in both domestic and overseas markets: Yuyuan Garden Lantern Festival became an Internet sensation this year and attracted more than 4 million visitors. The recovery of the tourism industry is even more evident, the occupancy rate of Atlantis Sanya under Fosun Tourism Group (FTG) has exceeded 90% since mid-January and has exceeded 99% during Chinese New Year. In terms of overseas markets, Club Med posted the highest single-month business volume in its history of more than 70 years since its establishment.

The robust recovery and steady development of various businesses conveyed a positive signal of Fosun's development momentum. Fosun will continue to focus on innovation, adhere to global operations, and continue to achieve steady development this year.

Hashtag: #Fosun

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

News from Asia

Renewed Corporate Appetite for Cross-Border Expansion Brings Legal and Compliance Challenges, According to New Global Study

In-house legal teams face more complexity and risk to stay on top of global entity management Almost all (96%) of multinationals plan to maintain or grow their geographic footprint ...

Results of the Post-pandemic Survey on Perceived Family Xingfu

Nearly Sixty Percent of Respondents Reported a High Family Xingfu Score Improve Family Communication, Express Affection and Prioritise Quality Time For Greater Family Health, Happiness and Har...

Magic Compass Group Singapore Company Unveils New Opportunities with Grand Opening Ceremony

SINGAPORE - Media OutReach Newswire - 13 June 2024 - The Magic Compass Group, a global leader in financial technology, marked a significant milestone with the grand opening of its new office in S...

LigoWave and PT Industri Telekomunikasi Indonesia Sign MOU to Enhance Telecommunication Infrastructure

JOHOR BAHRU, MALAYSIA - Media OutReach Newswire - 13 June 2024 - In a significant step towards advancing telecommunication infrastructure in Indonesia, LigoWave, represented by Mr. Turker Hidirlar...

The Success of Global Cement and Concrete Association (GCCA) CEO Gathering and Leader Conference 2024 in Bangkok

Cementing Global Government and Industry Partnership, Securing Green Fund to Propel Thai Cement Industry Towards Net Zero Future BANGKOK, THAILAND - Media OutReach Newswire - 13 June 2024 - Gl...

Sunfun Info Co. (5278): Increase of Subsidiary by NT$1 Billion and Initiation of 10-for-1 Stock Split Plan

TAIPEI, TAIWAN - Media OutReach Newswire - 14 June 2024 - Sunfun Info Co. (Stock Code: 5278) announced on the 7th that its board of directors has resolved to initiate a significant plan mirroring ...

Vectron Systems AG: Business Combination with the Shift4 group to be completed, Delisting planned

MÜNSTER, GERMANY - EQS Newswire - 14 June 2024 - The business combination of Vectron Systems AG ("Vectron") with the Shift4 group ("Shift4") announced on 1 June 2024 was previously subject to th...

Molex Releases Report on Thermal Management Challenges and Opportunities for I/O Modules amid Emerging Solutions for Next-Gen Data Center Cooling

Fueled by heightened demand for the fastest data rates, optical I/O module power requirements push traditional forced-air cooling to operational limits Shift to 224 Gbps PAM-4 int...

New Mini Lever Actuated Plunger Saves Time and Space From Southco

HONG KONG SAR - Media OutReach Newswire - 14 June 2024 - Southco Asia Ltd., a subsidiary of Southco Inc., a leading global provider of engineered access solutions such as locks, latches, captive f...

BCI Celebrates the Best in Hong Kong's Architecture, Building and Design Industry

HONG KONG SAR - Media OutReach Newswire - 13 June 2024 - Hong Kong's 10 most-active architecture firms, contractors and property developers were awarded the BCI Asia's Top 10 Awards at the annual ...

Popular

Linktree transforms its brand to evolve beyond the ‘link in bio’ category it created

Linktree, the ‘link in bio’ category leader, is today announcing its new brand vision to cement the ownership of the link-in-bio category it originated and its position as the leading innovator in its progression. This announc...

Crypto platform Dacxi partners with ABC Bullion to disrupt precious metal investing

Crypto-wealth management platform Dacxi targets Aussies wanting defensive assets, without the hassle Global crypto-wealth pioneer, Dacxi, today announced it has formed a supply and vaulting partnership with ABC Bullion, Austr...

Research reveals 1 in 2 organisations unnecessarily wasting funds and resources

Concerning new data from a leading auditor and trainer of quality management systems has revealed that 54 per cent of employees believe their organisations are unnecessarily spending money on easily avoidable costs. One in four ...