Shenzhou Benefits from Rising Vietnamese Contributions; FVE Raised to HKD 68.
We lift our fair value estimate to HKD 68 from HKD 62 for narrow-moat Shenzhou to account for a lower than expected tax rate, strengthened renminbi, and time-value-of-money. Effective tax rate ran at 12.3% for 2017, significantly lower than 19.1% for the year prior, due to Shenzhou’s tax-free Vietnamese operations are now contributing materially. The company will enjoy this tax-free status on its Vietnam profit for these next three years followed by a preferential tax rate of 10% tax over the fo...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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