Daiwa Raises SHENZHOU INTL (02313) Target Price to HK$84, Expects Order Recovery

Stock News11-14

Daiwa has released a research report expressing increased confidence in SHENZHOU INTL's (02313) sportswear order performance next year, anticipating that product mix changes will drive average selling price and gross margin expansion. The report noted that since the ASEAN reciprocal tariffs took effect in August, cautious ordering by downstream clients led to weak order performance among multiple OEMs in the third quarter. However, by November, a significant recovery in orders has been observed. With multiple major sporting events scheduled next year, Daiwa expects the recovery trend to continue. The firm reiterates its "Buy" rating and raises the target price from HK$80 to HK$84, while lowering EPS forecasts for 2025–2027 by 1–2%.

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The report noted that since the ASEAN reciprocal tariffs took effect in August, cautious ordering by downstream clients led to weak order performance among multiple OEMs in the third quarter. However, by November, a significant recovery in orders has been observed. With multiple major sporting events scheduled next year, Daiwa expects the recovery trend to continue. 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