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RTNominal up14.040 +0.160 (+1.153%)

29/08/2019 16:59

{I-bank focus}Citi raises Shenzhen Int'l (0152) to HK$20.3

[ET Net News Agency, 29 August 2019] Citi Research raised its target price for Shenzhen
International (SZI)(0152) to HK$20.3 from HK$19.6 mainly on higher toll roads and
maintained its "buy" rating.
The research house said SZI's 1H OCF (operating cash flow) came in strong at HK$3.2bn,
tripling. Citi views SZI as the pioneer of Chinese SOE reform and one of the major
beneficiaries of the government's "Bay Area Development" and "SZ Pilot Area of Socialism"
strategies. SZI should be able to maintain a stable dividend payout in FY2019-21 with the
sequential land bank monetization.
The upcoming interest rate cut cycle should be a catalyst for SZI given its >7% dividend
yield, Citi added. It revised its FY2019/20/21 core earnings estimates down by 12%/16%/12%
on lower Airlines and Xiba port Phase II disposal. (KL)

Remark: Real time quote last updated: 02/04/2020 16:51
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