Daiwa raises the target price for Shenzhou International to 84 yuan, expecting a recovery in order performance

AASTOCKS
2025.11.14 03:29

Daiwa's research report indicates that confidence in the order status of Shenzhou International (02313.HK) sportswear for next year has improved, and it is expected that changes in the product mix will drive an increase in average selling prices and gross margins. The report states that since the ASEAN equivalent tariffs took effect in August, many OEM factories have experienced weak order performance in the third quarter due to cautious ordering attitudes from downstream customers. However, entering November, the report observed a significant recovery in orders.

Considering that multiple sports events will be held next year, the report expects the recovery trend to continue; it reiterates a "Buy" rating, raising the target price from HKD 80 to HKD 84, while lowering the earnings per share forecast for 2025 to 2027 by 1 to 2%

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