No-moat Shenzhou to benefit from order growth of moaty clients and its new plants in Vietnam.
Following the first-half result analyst briefing, we have raised our fair value estimate for no-moat Shenzhou to HKD 54 per share from HKD 52 per share to account for a lower effective tax rate going forward. Our three-star rating remains. We think the group has demonstrated strong ability in continuous efficiency gains and cost control and we don’t see any major change in our long-term view. A downside risk to our valuation is continuous appreciation in the Chinese yuan over the next five years...Shenzhou International Group Holdings is an investment holding company. Through its subsidiaries, Co. is principally engaged in the manufacturing of knitwear on an Original Equipment Manufacturer basis. Co. focuses on producing sport wear and casual wear with major international clients including UNIQLO, ADIDAS NIKE, and PUMA. In addition, Co. is involved in property leasing in Hong Kong; import and export of commodities in China and Hong Kong; property management in China; trading company in Macau, Japan and China; and retail in China.
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