Shenzhou Int'l rises most in 5 weeks as key customer lifts forecast

Shenzhou International group

12/07/2024 06:30

** Shares of sportswear and knitwear maker Shenzhou
International Group  2313.HK  rise 4.1% to HK$75.6, on course
for their biggest one-day pct gain since June 4 if trend holds
    ** Shenzhou stock hits the highest since July 4, extending
gain to a third session, after key customer Fast Retailing
 9983.T  lifts forecast
    ** The Japanese operator of fashion giant Uniqlo on Thursday
raised its full-year operating profit forecast to 475 bln yen
($2.94 bln) for what would be its third consecutive year of
record profits, buoyed by strong sales at home and some overseas
markets
    ** "With the upgraded guidance, we have more confidence in
Uniqlo order growth in the teens to Shenzhou this year," wrote
Citi, reiterating "buy" rating 
    ** Nike  NKE.N , Uniqlo, Adidas  ADSGn.DE  and Puma are
Shenzhou's top 4 customers; Adidas and Uniqlo have revised up
revenue growth guidance this year, Puma unchanged and Nike
downgraded; Shenzhou remains on track to post capacity growth of
mid-teens - Citi
    ** The Hang Seng Commerce & Industry Index  .HSNC  and the
Hang Seng Index  .HSI  both rise 2% 
    ** Shenzhou shares down 9.7% YTD 
    

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