Li & Fung chiefs on the offensive

2011年06月23日 06:23 AM
利豐力圖消除對公司增長前景疑慮
Li & Fung  chiefs  on the offensive
英國《金融時報》 徐曉瑜 香港報導



The recovery in Li & Fung's battered share price gained momentum after top managers at the Asian sourcing group showed up en masse at an analyst briefing in an attempt to dispel doubts about the company's growth prospects.


亞洲採購集團利豐(Li & Fung)高層週三上午集體參加分析員日，以消除對公司增長前景的疑慮。之後，利豐股價止跌回穩。

Li & Fung's shares in Hong Kong rose as much as 11 per cent on Wednesday after it briefed analysts in the morning.


週三上午的分析員日之後，利豐在香港股市的股價上漲11%。

Those who watched the company's presentation said the company gave a detailed account of the medium-term prospects of each of its three business units.


觀看了利豐陳述的人表示，該公司分別對其三大業務單元的中期前景做了詳細描繪。

“The key point about today's presentation is that it shows the company improving disclosures about its operations. Also, William Fung, the chief executive [Bruce Rockowitz] and all division chiefs were there to talk about the company's strategy,” said CLSA consumer analyst Mariana Kou.


里昂證券(CLSA)消費者分析師Mariana Kou表示：“今日陳述的關鍵點在於，它表明該公司正在改進對其運營情況的披露。同時，馮國綸(William Fung)、集團總裁（指樂裕民( Bruce Rockowitz)）和所有業務總裁都出席了活動，介紹公司戰略。”

The company dropped its previous habit of only providing geographical breakdowns of its operations. Instead, managers talked about how each of the three units – trading, logistics and distribution – had been able to sustain order volumes and margins this year.


利豐拋棄了以往只按地區介紹運營情況的慣例。這一次，它的高管們就三大業務單元——貿易、物流和分銷今年分別如何保持訂單數量和利潤率做了說明。

Li & Fung also announced that it had bought five small tr​​ading and distribution companies since March, though it was not considered the primary driver of the share price given the company did not disclose the value of the transactions and it had previously said that it would continue to pursue acquisitions up to 2013.


利豐還宣布，自3月份以來，它收購了5個小型貿易和分銷公司——儘管此舉並不被認為是股價上升的主要動力，因為公司並未披露交易價值，且它早前曾表示，將在2013年以前繼續尋求收購機會。

Ms Kou said that Li & Fung's share price performance should encourage companies to become more transparent, especially at a time when many Chinese stocks, such as Sino-Forest, had suffered because of concerns about inadequate corporate governance standards.


Kou表示，利豐的股價表現應該推動公司變得更加透明，尤其是在許多中國股票（比如嘉漢林業(Sino Forest)）由於投資者對公司治理標準欠缺的擔憂而出現下挫之際。

Shares in Li & Fung had fallen by about a third so far this year and it is the second-worst performer on the Hang Seng index, according to Bloomberg data. The company, which supplies major retailers such as Walmart and Gap, is often seen as a bellwether for global consumer sentiment.


據彭博(Bloomberg)數據顯示，利豐股價今年以來已經跌去約三分之一，是恆生指數(Hang Seng index)中表現第二差的股票。作為沃爾瑪(Walmart)與Gap等主要零售商的供應商，利豐經常被視為全球消費者情緒的風向標。

However, its recent decline in the market has been attributed to the company's failure to meet operating profit targets and doubts about the sustainability of its business model as more retailers might want to build a direct relationship with manufacturers and skip the middleman.


然而，有人認為它最近的股價下跌是因為兩個原因：一是該公司未能實現營業利潤目標，二是隨著更多零售商可能想跳過中間商，與製造商構建直接關係，人們對該公司商業模式的可持續性存在懷疑。



譯者/何黎