[ET Net News Agency, 15 July 2020] Goldman Sachs lifted its target price for Shenzhou
International Group Holdings (02313) to HK$107 from HK$100 and maintained its "buy"
rating.
The research house fine-tuned its earnings estimate for Shenzhou to factor in the latest
USD versus RMB assumption of 7. Goldman expects 1H sales to be relatively flat with 2H
sales drop of 16% due to brands' factory purchase order cut.
It expects Shenzhou's OEM sales to decrease 7% in 2020, better than brand sales
performance due to its market share gain and higher exposure to the Asia market, which is
recovering faster than US/EU markets. (KL)