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Johannes Salim, CFA

Equity Capital Markets

<ul>
<li>A close look at <a href="https://www.smartkarma.com/entities/27439" target="_blank" data-smartkarma-citation="entities:27439:1">Fosun Tourism (1638664D HK)</a> reveals that Club Med resorts chain is a mature, low growth global tourism asset.</li>
<li>The growth driver for next couple of years is Atlantis Sanya mega resort (recently opened in Apr).</li>
<li>However, we estimate that ROIC for Atlantis Sanya appears to be in SD rate, below typical hurdle rate of 9-10%.</li>
<li>This leads us to wonder if domestic tourism destinations expansion strategy is a quid pro quo for the better of Fosun Group amid heavier regulatory scrutiny on overseas acquisition deals. </li>
</ul>


A close look at Fosun Tourism (1638664D HK) reveals that Club Med resorts chain is a mature, low growth global tourism asset.
The growth driver for next couple of years is Atlantis Sanya mega resort (recently opened in Apr).
However, we estimate that ROIC for Atlantis Sanya appears to be in SD rate, below typical hurdle rate of 9-10%.
This leads us to wonder if domestic tourism destinations expansion strategy is a quid pro quo for the better of Fosun Group amid heavier regulatory scrutiny on overseas acquisition deals. 


Fosun Tourism IPO Analysis: Quid Pro Quo for the Better of Fosun Group?