Knitwear maker Shenzhou Int'l drops most in over 13 yrs on weak annual outlook

Shenzhou International group

03/03/2022 02:35

** Shares of knitwear products maker Shenzhou International
Group Holdings Ltd  2313.HK  plunge as much as 20.3% to
HK$97.95, their biggest daily pct decline since October 2008
    ** Stock hits lowest since August 2020; biggest decliner in
the benchmark Hang Seng Index  .HSI  and in Hang Seng Commerce &
Industry Index  .HSNC  
    ** Co expects its net profit after tax to drop 31%-39%
year-on-year to a range of 3.1 bln yuan-3.5 bln yuan ($490.9
mln-$554.2 mln) for 2021, mainly due to temporary suspension of
operations of its production bases in Cambodia amid COVID-19
epidemic  urn:newsml:reuters.com:*:nFWN2V50F7 
    ** Citi maintains "buy" rating on the stock but trims TP to
HK$160, saying the profit warning is a negative surprise and
could trigger sell-off pressure for the near term but says 2022
growth outlook looks promising 
    ** Hang Seng Commerce & Industry Index  .HSNC  eases 0.5%, 
while Hang Seng Composite Index  .HSCI  and Hang Seng Index
 .HSI  each gains 0.4%



($1 = 6.3152 Chinese yuan renminbi)

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