Citibank: Maintains "Buy" rating on SHENZHEN INT'L (00152) with a target price of 8.4 Hong Kong dollars.

Citibank released a research report stating that it maintains a "buy" rating for SHENZHEN INT'L (00152) with a target price of 8.4 Hong Kong dollars. SHENZHEN INT'L has reported a profit increase, with an expected net profit of approximately 2.8 billion to 3.1 billion Hong Kong dollars last year, a year-on-year growth of 53% to 63%, matching the bank's estimate of 3 billion Hong Kong dollars. Citibank pointed out that SHENZHEN INT'L management attributed the increase in net profit last year to the recognition of land replacement tax revenue of about 2.3 billion yuan from the transformation and upgrading project of Shen International South China Logistics Park, the successful placement of two logistics port projects into a publicly traded REIT, and actively improving the loan currency structure resulting in a significant reduction in exchange losses. The bank believes that SHENZHEN INT'L will maintain a dividend payout ratio of 50%, ensuring a dividend per share of 0.59 to 0.65 Hong Kong dollars for last year, which implies an attractive dividend yield of 8.2% to 9%.