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00152 SHENZHEN INT'L
RTNominal down5.890 -0.080 (-1.340%)
Research Report

23/03/2020 10:34

{I-bank focus}Daiwa cuts Shenzhen Int'l (00152) to HK$17.3

[ET Net News Agency, 23 March 2020] Daiwa Research lowered its target price for
Shenzhen International (SZI)(00152) to HK$17.3 from HK$18.6 but upgraded its rating to
"buy" from "outperform".
The research house said SZI's 2019 earnings beat Daiwa's expectations. Given the Qianhai
land compensation and Xiba Port disposal gain, SZI continued to declare an HK$0.64/share
special dividend, resulting in an HK$1.17/share annual dividend in 2019.
Daiwa expects the dividend yield to be 6% for 2020, supported by a 1.2x cash coverage
ratio and an 11x dividend to cash ratio. It cut its 2020 EPS forecast by 6% to factor in
the negative impact of the COVID-19 toll road fee exemption. (KL)

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