|
|
 |
|
Viewing report
|
|
|
|
Bulletin: Li & Fung Ratings, Outlook Not Affected By Weaker 2008 Results And 2009 Guidance
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
HONG KONG (Standard & Poor's) March 26, 2009--Standard & Poor's Ratings Services said today that its ratings and outlook on Li & Fung Ltd. (A-/Stable/--) are not affected by the lower-than-expected profitability for 2008 and a cautious guidance for 2009. The company announced yesterday that its core operating profit for 2008 declined 3% to HK$3.08 billion despite a 20% increase in revenue to HK$110.7 billion. Standard & Poor's believe Li & Fung margins could face further pressure in 2009 due to a changing business mix toward lower-margin discounters and outsourcing businesses, and sales growth that is likely in the low single digits. Also, bad debt expenses could increase further due to the poor outlook on sales for its customers. Nevertheless,...
Companies mentioned in this report are: Li & Fung Ltd.
Action: Bulletin
|
|
|
|
