[ET Net News Agency, 21 May 2020] Morgan Stanley raised its target price for Shenzhou
International Group Holdings (02313) to HK$115 from HK$100 and maintained its "overweight"
rating.
The research house said, from a top-down perspective, Shenzhou has been one of the most
exposed OEMs to sportswear (its sportswear revenue mix has grown from 64% in 2015 to 72%
in 2019). It has enjoyed tight relationships with global top sports brands including Nike
(with rising exposure to the brand throughout years), Adidas, and Puma.
In addition, Shenzhou has maintained its close relationships with the top Chinese brands
including ANTA (02020) and Li Ning (02331), placing the OEM in a strong position within
the global sportswear supply chain.
Morgan forecast Shenzhou to register 9% topline CAGR in 2019-21, along with a 13%
earnings CAGR over the same period. It lowered its EPS estimates (in HK$ terms) by 6-7%
for 2020-22, mainly to reflect a slight decrease in our GPM margin assumptions as results
of the soft top line. (KL)
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02313 SHENZHOU INTL
Nominal 
77.350 +1.450 (+1.910%) Research Report
21/05/2020 17:11
{I-bank focus}Morgan raises Shenzhou Int'l (02313) to HK$115
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