Core Viewpoint - Citigroup has downgraded the earnings forecast for Shenzhou International (02313) for 2025 to 2027 by 2%, resulting in a target price reduction from HKD 95 to HKD 94, while maintaining a "Buy" rating, suggesting that the recent stock price decline may reflect management's conservative sales outlook, presenting a buying opportunity due to an expected dividend yield of 4.8% in FY2026 and a projected annual compound growth rate of 12% in earnings per share over the next three years [1] Group 1 - The sales growth forecast for the second half of this year has been revised down from high single digits to mid single digits, primarily due to nearly flat sales growth in Q3, with two major brands needing to discuss tariff sharing with the group [1] - Observations indicate that delivery volumes in October and November have accelerated to catch up with the lagging progress from Q3 [1] - The guidance for gross margin expansion on a quarterly basis remains unchanged, with the target gross margin for FY2026 still expected to exceed 28% [1]
花旗：微降申洲国际目标价至94港元 维持“买入”评级