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Nomura Trims SHENZHOU INTL TP to HKD66.9, Maintains Buy Rating
2026-08-10 12:54:18
Nomura issued a research report on SHENZHOU INTL (02313.HK), which had issued a profit warning and expected its profit for 1H26 to shrink 38-43% YoY to RMB1.81-1.97 billion, way below the consensus of RMB2.94 billion and also below the capital market's previously conservative expectations.

Nomura reduced its 2026-28 revenue and earnings forecasts for Shenzhou by 4-5% and 3-4%, respectively, mainly reflecting more conservative sales and gross margin assumptions after the weak 1H results.

The broker maintained its Buy rating and cut its TP from HKD67.8 to HKD66.9. Shenzhou's current share price corresponds to about 10.1x 2026E P/E, which is not demanding in valuation.
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