20150623-CLSA-利丰(0494):INCREASING_HEADWINDS-758596

$利丰(hk00494)$
Li & Fung is facing increasing headwinds.The softer retail environment in the US,lower raw material prices,FX impact from a weaker Euro,and the higher investments in VSS should weigh on margins and COP in FY15.While we believe ROE should continue to improve post spin-off of GBG,slower earnings growth in the short-term and further downgrades should put pressure on stock performance.We arrive at our new price target of HK$7,based on 15x CY16 earnings.Downgrade from O-PF to U-PF.
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