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02313 SHENZHOU INTL
RTNominal up77.350 +1.450 (+1.910%)
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18/04/2018 14:59

[I-bank focus]Jefferies starts Shenzhou Int'l at HK$88

[ET Net News Agency, 18 April 2018] Jefferies Research initiated coverage on Shenzhou
International (02313) with a "hold" rating, and a target price of HK$88.
It said Shenzhou has re-rated on strong growth in sportswear, textiles consolidation,
Vietnam expansion and product optimisation. Jefferies likes its visible growth but
believes all positives are now priced in.
It expects that FY2018 gross profit margin could be threatened by RMB appreciation and
lower wages in Vietnam would only protect rather than expand gross profit margin.
Jefferies estimated its FY2018 revenue of RMB21.2bn (+17.2% yoy) and net profit of
RMB4.5bn (+20.2% yoy; net margin 21.3%). (KL)

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