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<Research>JPM: SHENZHOU INTL (02313.HK) Establishes Stable Overseas Output to Mitigate Tariff Impact; TP Chopped to $88
SHENZHOU INTL (02313.HK)'s share price plunged over 20% since 3 April (compared to a 8.5% slump in the HSI), which JPMorgan attributed to concerns over tariffs, JPMorgan releas...
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<Research>JPM: SHENZHOU INTL (02313.HK) Establishes Stable Overseas Output to Mitigate Tariff Impact; TP Chopped to $88
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STOCK INFO

SHENZHOU INTL (02313.HK)  +0.100 (+0.189%)    Short selling $65.84M; Ratio 22.826%   's share price plunged over 20% since 3 April (compared to a 8.5% slump in the HSI), which JPMorgan attributed to concerns over tariffs, JPMorgan released a research report saying.

Despite the escalation of the US-China trade conflict, JPMorgan believed that the stock is overreacting given SHENZHOU INTL has built up mature overseas production capacity (over 50% of garment output, mainly in Vietnam and Cambodia), which is sufficient to absorb US orders, etc..

JPMorgan lowered its FY2025-FY2027 earnings forecasts for SHENZHOU INTL by 3-7% to reflect the impact of tariffs on global demand.

The broker chopped its target price to $88 from $96, implying 12-month forward PE ratio of 16x, and was bullish on SHENZHOU INTL on its continued overseas capacity expansion, the opportunities to gain market share with core customers and steadily build relationships with emerging customers, its continued focus on ESG and automation to drive sustainable growth and the localization of overseas capacity.

Therefore, JPMorgan kept rating at Overweight on SHENZHOU INTL.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-04-25 16:25.)

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