HK-listed Shenzhou International hits near 3-mth high on TP upgrade

Shenzhou International group

03/06/2020 07:38

** Shares of knitwear maker and distributor Shenzhou
International Group Holdings Ltd  2313.HK  rise as much as 3.9%
to HK$99, their highest since March 10
    ** Stock on track for a fifth straight session of gains
    ** Brokerage Nomura reiterates "buy" on the stock, but
raises target price to HK$114.1 from HK$105, saying the
Zhejiang-based firm is less affected by order cuts compared with
its peers
    ** Nomura says Shenzhou's management has indicated orders
for the first five months were largely unaffected but it started
to see order cuts in June with the biggest impact likely in
July, although it expects orders to recover from September
    ** By last close, stock down 15.5% this year
    ** Shenzhou has outperformed the Hang Seng Commerce &
Industry Index sector  .HSNC  by 7.5 percentage points in the
last month
    ** The Hang Seng China enterprises index  .HSCE  climbs
1.1%, and the benchmark index  .HSI  rises 1.3%

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)