No-Moat Shenzhou to Benefit from Order Growth of Moaty Clients and New Capacity in Vietnam
We initiate Shenzhou International with a no-moat rating and a stable moat trend. Our fair value estimate of HKD 48.00 per share represents 20 times prospective price/earnings, 14 times enterprise value/adjusted EBITDA and 2.7% dividend yield (excluding special dividend).Shenzhou is the world’s largest vertically integrated knitwear manufacturer. The group’s major customers include Nike, Adidas and Fast Retailing’s Uniqlo, contributing approximately 24%, 23%, 21% of Shenzhou’s revenue in 2015, ...
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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