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    002024   CNE000001KF2

SUNING.COM CO., LTD.

(002024)
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French retailer Carrefour to launch $1.9 billion sale of Taiwan business -sources

08/11/2021 | 04:47am EDT
FILE PHOTO: A Carrefour logo is seen on a Carrefour Hypermarket store in Merignac near Bordeaux

HONG KONG (Reuters) - French retailer Carrefour is planning to launch a sale of its Taiwan business, which is valued at around 1.6 billion euros ($1.9 billion) in the coming weeks, three people with knowledge of the matter told Reuters.

The supermarket chain operator has hired Morgan Stanley to run the sale, which is expected to kick off after the summer, said the people, who declined to be identified as the information is confidential.

Carrefour has approached a number of potential buyers, including private equity firms, to gauge their interest, the people said.

The company did not immediately respond to a request for comment. Morgan Stanley declined to comment.

Europe's largest retailer said in June it had started considering possible consolidation, divestitures or tie-ups of its foreign subsidiaries, but denied it had decided to sell any assets.

Carrefour acquired food retailer Wellcome Taiwan from Asia's Dairy Farm in December, making it the number two player in Taiwan's convenience stores market. The transaction, with an enterprise value of 97 million euros, covers the purchase of 224 stores as well as a warehouse.

Carrefour reported 1.26 billion euros in Taiwan net sales in the first half, up 13% year on year at constant exchange rates. The company said the newly acquired Wellcome stores strongly outperformed.

While it has expanded in Taiwan in recent years, Carrefour retreated from the highly competitive Chinese market in 2019 by selling 80% of its loss-making operations https://www.reuters.com/article/carrefour-ma-suningcom-idUSL8N23U0B6 to electronics retailer Suning.com.

(Reporting by Kane Wu; editing by Sumeet Chatterjee and Jason Neely)

By Kane Wu


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CARREFOUR 1.01% 15.495 Real-time Quote.9.34%
DAIRY FARM INTERNATIONAL HOLDINGS LIMITED -0.28% 3.51 End-of-day quote.-15.83%
SUNING.COM CO., LTD. -4.02% 4.78 End-of-day quote.-38.00%
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Analyst Recommendations on SUNING.COM CO., LTD.
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Financials
Sales 2021 248 B 38 535 M 38 535 M
Net income 2021 -4 684 M -728 M -728 M
Net Debt 2021 7 911 M 1 230 M 1 230 M
P/E ratio 2021 -9,47x
Yield 2021 -
Capitalization 43 615 M 6 778 M 6 779 M
EV / Sales 2021 0,21x
EV / Sales 2022 0,13x
Nbr of Employees 45 598
Free-Float 30,5%
Chart SUNING.COM CO., LTD.
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Suning.com Co., Ltd. Technical Analysis Chart | 002024 | CNE000001KF2 | MarketScreener
Technical analysis trends SUNING.COM CO., LTD.
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TrendsBearishBearishBearish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 4,78 CNY
Average target price 7,67 CNY
Spread / Average Target 60,5%
EPS Revisions
Managers and Directors
Jun Ren President & Director
Wei Huang Chief Financial Officer & Board Secretary
Xiao Ling Wang Chairman-Supervisory Board
Mingduan Huang Chairman
Xian Ming Fang Independent Director
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