[ET Net News Agency, 8 January 2020] Daiwa Research raised its target price for
Shenzhen International (SZI)(00152) to HK$19.5 from HK$19 and maintained its "outperform"
rating.
The research house said SZI has entered into 2 land-use rights transfer agreements with
the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of
Shenzhen on 30 December 2019. SZI will receive a total land area of 41,200sqm, with
a GFA of 110,000 sqm (91,000 sqm of a residential area), and expects to book a CNY2.187bn
profit before tax for 2019.
Based on the company's estimate of CNY8.37bn in total compensation from the Qianhai land
swap with the government, there is about CNY3.7bn in land replacement gains remaining to
be recognised in the future. Daiwa believes this residual amount will be booked in 2020
and 2021 given the lengthy negotiation process with the government authorities and in
order to keep its earnings stable. (KL)
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00152 SHENZHEN INT'L
Nominal 
6.160 +0.060 (+0.984%) Others
08/01/2020 10:52
{I-bank focus}Daiwa raises Shenzhen Int'l (00152) to HK$19.5
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