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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  Fosun International Limited    0656   HK0656038673

FOSUN INTERNATIONAL LIMITED

(0656)
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End-of-day quote. End-of-day quote Stock Exchange of Hong Kong - 09/20
10.46 HKD   0.00%
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Fosun International Limited : Portugal says bond issue successful, eyes bailout exit

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01/09/2014 | 12:18pm EDT

LISBON (Reuters) - Portugal reached nearly a third of its annual bond issue target in a successful first issue, its finance minister said, as Lisbon started the year in which it plans to exit an international bailout by showing strong demand for its bonds.

"Demand was very significant," Finance Minister Maria Luis Albuquerque told journalists after a weekly cabinet meeting on Thursday. "This was a very successful issue."

The five-year bond issue had reached the government's goal of 3.25 billion euros (2.6 billion pounds), she said, which is almost one-third of the 10.5 billion euros in bond issuance envisaged by the government's 2014 budget. The final yield was 4.657 percent.

In the secondary market, the June 2019 bond yielded around 4.7 percent, well below the 6.4 percent in Portugal's last pre-bailout bond issue in 2011 and below last January's 4.89 percent on a slightly shorter maturity.

Portugal wants to demonstrate to investors that it can issue bonds to ensure a smooth exit from its 78-billion-euro bailout as planned in mid-2014. Sharply falling yields and growing optimism in markets that the worst is over in the euro zone crisis is helping Lisbon approach that goal.

Nicholas Spiro, managing director at Spiro Sovereign Strategy, said Portugal was reaping the benefits of sharply improving market sentiment.

"Portugal is now building up a cash cushion like Ireland did last year," he said. "There is a window of opportunity for Portugal to issue bonds that doesn't seem to be closing quickly."

Still, Spiro doubts Portugal will manage to exit its bailout without some sort of precautionary lending programme from creditors to replace it, unlike Ireland which made a 'clean exit' from its assistance plan.

"The overriding goal is to get their debt out the door to build a cash cushion to have leverage. This is a politically driven funding programme," he said.

In another positive development, the government announced the winner of a privatisation tender for Caixa Seguros, the insurance unit of the state-owned bank Caixa Geral de Depositos. The sale to Chinese group Fosun International will earn the government about 1 billion euros.

That means Lisbon has earned a total of 8.1 billion euros from privatisations since the start of the bailout, beating its privatisation revenue goal of around 5 billion euros.

Portugal's stock index PSI20 <.PSI20> rose to its highest levels since mid-2011 earlier on Thursday on optimism about the debt market return.

(Reporting By Axel Bugge and Sergio Goncalves; editing by Matthias Williams)

Stocks mentioned in the article
ChangeLast1st jan.
FOSUN INTERNATIONAL LIMITED 0.00% 10.46 End-of-day quote.-8.57%
PSI 20 INDEX -0.47% 5016.35 Real-time Quote.6.52%
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Financials (CNY)
Sales 2019 121 B
EBIT 2019 26 591 M
Net income 2019 14 946 M
Debt 2019 71 691 M
Yield 2019 3,81%
P/E ratio 2019 5,29x
P/E ratio 2020 4,90x
EV / Sales2019 1,26x
EV / Sales2020 1,35x
Capitalization 80 842 M
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Mean consensus BUY
Number of Analysts 12
Average target price 14,44  CNY
Last Close Price 9,46  CNY
Spread / Highest target 80,1%
Spread / Average Target 52,6%
Spread / Lowest Target 13,6%
EPS Revisions
Managers
NameTitle
Qun Bin Wang Chief Executive Officer & Executive Director
Qi Yu Chen Co-President & Executive Director
Xiao Liang Xu Co-President & Executive Director
Guang Chang Guo Chairman
Can Wang Chief Financial Officer, Executive Director & SVP
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