BUZZ-HK-listed Shenzhou International hits one-year peak on profit growth

Reuters03-26

** Shares of knitwear products maker Shenzhou International Group Holdings 2313.HK jump 10.2% to HK$60.95, on course for the biggest one-day gain since March 27, 2024

** Stock hit the highest since March 20, on track to snap four straight sessions of fall; top gainer on Hang Seng Index .HSI, which climbs 0.6%

** Shenzhou said its 2024 profit attributable jumped 36.9% y/y, revenue rose 14.8% y/y, and gross profit margin up 3.8 percentage points y/y at 28.1%

** Citi reiterates "Buy" given promising growth prospects and expects gross margin to continue to expand thanks to rising economies of scale, among others

** Nomura maintains "Buy" saying 2H24 revenue ahead of consensus and FY25E guidance remains resilient despite macro headwinds

** Hang Seng Commerce & Industry Index .HSNC gains 0.8%, Hang Seng China Enterprises Index .HSCE adds 0.7%

** Stock down 2.7% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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