China's knitwear maker Shenzhou up on recovery hope after H1 results

Shenzhou International group

31/08/2023 09:20

** Shares of knitwear products maker Shenzhou International
Group  2313.HK  rise 6.1% to HK$81.40
    ** Stock on track for biggest one-day pct rise since June
15, if gains hold
    ** Hits the highest since Aug. 7; second biggest pct gainer
in Hang Seng Index  .HSI , Hang Seng Commerce & Industry Index
 .HSNC  and Hang Seng China Enterprises Index  .HSCE  
    ** Zhejiang-based company says H1 revenue down 14.6% YoY to
11.56 bln yuan ($1.59 bln), while net profit fell 10.1% YoY to
2.13 bln yuan 
    ** Daiwa reaffirms "buy", raises PT to HK$93 from HK$90
saying positive sales growth to resume in 4Q23E with
gross-margin recovery
    ** CCB International maintains "outperform", but trims PT to
HK$83 from HK$85
    ** Says weak 1H23 largely expected, remains confident of
Shenzhou gaining market share given its diversified production
base, efficient supply chain and stable production
    ** Nomura reaffirms "buy", trims PT to HK$88.70 from
HK$90.10 
    ** Hang Seng China Enterprises Index  .HSCE  slips 0.5%,
while Hang Seng Commerce & Industry Index  .HSNC  and Hang Seng
Index  .HSI  both fall 0.7%


($1 = 7.2893 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))