Shenzhou Gets a Narrow Moat and a FVE Upgrade to HKD 62
We upgrade Shenzhou’s moat rating to narrow based on intangible assets and increase our fair value estimate to HKD 62 per share from HKD 54 per share. However, given the stock is trading at around HKD 72, we would wait for a better margin of safety. Shenzhou’s track record of high return on capital supports our argument for a narrow moat, as Shenzhou has generated average returns on invested capital, or ROIC, of 23% over the past 10 years, well above our 9.7% weighted average cost of capital est...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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