Shenzhou International Group Holdings Ltd

02313: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	HK$161.00	Xlqhcr	Zglhzlpsq

Shenzhou Earnings: Strong Uniqlo and Adidas Demand Offsets Nike Weakness; Shares Undervalued

Ivan Su

Aug 28, 2024

Narrow-moat Shenzhou’s interim results were broadly in line with our expectations, and management maintained its 2024 guidance. We fine-tune our earnings estimates and maintain our HKD 124 fair value estimate unchanged. With shares trading at around 15 times consensus earnings for 2024 versus a historical average of 20-plus times, we think Shenzhou is undervalued.

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