China's Shenzhou International hits 2-month high on PT raise

Shenzhou International group

27/03/2024 07:14

** Apparel and footwear supplier Shenzhou International
Group's  2313.HK  shares jump 12.5% to HK$74, highest since Jan.
29
    ** Stock on track for third consecutive session of gains;
shares notch biggest one-day pct rise since November 2022
    ** Shenzhou biggest pct gainer in Hang Seng  .HSI , Hang
Seng Commerce & Industry  .HSNC  and Hang Seng China Enterprises
 .HSCE  indexes
    ** Company says 2023 net profit fell marginally y-o-y to
4.56 bln yuan ($630.9 mln), annual sales down 10.1% y-o-y to
24.97 bln yuan
    ** Shenzhou proposes final dividend of HK$1.08/shr;
company's total dividend for year now at HK$2.03, up 6.3% y-o-y
    ** Nomura keeps "buy" rating and lifts PT on company's
shares to HK$104.30 from HK$101
    ** Brokerage expects brighter 2024 forecast and better
margins in FY24 for Shenzhou from improved utilization
    ** Citi maintains "buy" rating and raises PT on company's
shares to HK$108
    ** Citi expects company can reach double-digit volume growth
this year due to low base in 2023 and order growth from all
major global and domestic brands
    ** Hang Seng China Enterprises index  .HSCE  drops 1.3%,
while Hang Seng Commerce & Industry  .HSNC  and Hang Seng  .HSI 
indexes both fall 1%
    ** Stock down 9.5% YTD
 ($1 = 7.2281 Chinese yuan renminbi)

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