Core Viewpoint - Morgan Stanley has downgraded the earnings forecast for Shenzhou International (02313) for 2026 and 2027 by 20% and 17% respectively, and reduced the target price from HKD 94 to HKD 81, reflecting a 16 times price-to-earnings ratio for the forecasted 12 months of 2026, while maintaining an "Overweight" rating [1] Financial Performance - Shenzhou's revenue and profit for the previous year grew by 8% and declined by 7% year-on-year, which was 3% and 11% lower than market expectations [1] - The underperformance was primarily due to a mere 2% growth in sales during the second half of the year, significantly impacted by weak domestic market demand, with sales dropping by 14% in the second half [1] Future Projections - Morgan Stanley projects that Shenzhou's sales and profits will grow by 6% and 4% respectively in 2026, with a net profit margin of 18.3%, a decrease of 0.5 percentage points compared to the same period last year [1]
小摩：降申洲国际(02313)目标价至81港元 料2026年复苏 维持“增持”评级