[ET Net News Agency, 18 September 2018] Shenzhou International (02313) unveiled it will
invest US$100m to build another factory with land area of 413,067 square meters in
Cambodia.
Citi Research expects the new plant in Cambodia to also depend on fabric sourcing from
Vietnam. Meanwhile, Shenzhou continues to expand with phase 2 of the garment factory in
Vietnam to employ about 5,000 workers (commencing in mid-2019) versus phase 1 of 10K
garment workers.
All in all, Citi expects both Vietnam/Cambodia factories to account for 40-45% of total
garment output in 2020. This second plant in Cambodia will pave the way to garment
capacity growth in the longer run so as to sustain overall capacity growth of 10-15% pa
beyond 2020.
Citi maintained its "buy" call on Shenzhou, with a target price of HK$120. (KL)
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02313 SHENZHOU INTL
Nominal 
73.250 -0.100 (-0.136%) Others
18/09/2018 15:35
[I-bank focus]Shenzhou paves way to garment capacity growth
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