With Market Holding High Expectations for Shenzhou, Shares Remain Overvalued
Despite the fact that narrow-moat Shenzhou continues to explore expansion opportunities, the apparel manufacturer remains overvalued. We maintain our fair value estimate for the firm at HKD 76, implying a 2018 P/E ratio of 21 times.While being a large-scale integrated player will help Shenzhou to sustain some intangible strengths, the business will most likely settle at a normalized level over the long term, given the improvement in automation technology moving some production volume back to 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.
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