Citibank: Lowered SHENZHOU INTL(02313) target price to HKD 75, rated "buy", recommended to buy on dips.
Considering the current valuation is at a 10-year low, with a predicted dividend yield of 5.6% this year, it is attractive in the long run. We recommend buying on dips with a rating of "buy."
Citi released a research report stating that SHENZHOU INTL (02313) had a year-on-year decline of 6.7% in net profit to 5.825 billion RMB last year, while core profit increased by 4.9% to 6.08 billion RMB, falling short of market and the bank's expectations of 4% and 6% respectively. The bank pointed out that due to weak prospects for sportswear demand, the growth rate of orders this year is expected to slow to mid-single digits. The bank lowered its profit forecast for the company for 2026 to 2027 by 11% to 13%, with its target price reduced from 94 Hong Kong dollars to 75 Hong Kong dollars. However, considering the current valuation is at a ten-year low, the forecasted dividend yield of 5.6% this year is considered attractive in the long term, and it is recommended to buy on dips with a "buy" rating.
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