[ET Net News Agency, 22 February 2021] BOCI Research initiated coverage on Shenzhou
International (02313) with a "buy" rating and a target price of HK$205.8.
The research house likes Shenzhou's high certainty of earnings growth, on the back of
robust order demands (fulfilled by overseas capacity expansion) and superior operating
efficiency (under a vertically integrated model).
BOCI also likes Shenzhou management's forward-looking vision to keep ahead of the
industry trend and build up economic moat. It forecasted net profit to grow at 19% CAGR
during 2020-22, on 18% revenue CAGR. (KL)