One-Time Air Freight Expenses Weighed Down on Shenzhou's 2H Results, FVE Maintained at HKD 76
Narrow-moat Shenzhou’s shares were down about 6% after reporting 2018 second half earnings below both Morningstar and the Street’s estimates. For the full year, the firm booked a 16% increase in top line, driven almost entirely by volume growth. Weaker Chinese yuan during the second half brought average-selling-price growth to positive territory, up from a negative 4% reported for the interim. We maintain our HKD 76 fair value estimate for Shenzhou and continue to see the shares as overvalued.D...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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