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, which corresponds to a 16 times price-to-earnings ratio for the 12 months ending December 2026, while maintaining an "Overweight" rating [1][2] Financial Performance - Shenzhou International reported a revenue growth of 8% and a profit decline of 7% year-on-year, which was below market expectations by 3% and 11% respectively [1][2] - The underperformance was primarily due to a mere 2% sales growth in the second half of the year, significantly impacted by weak domestic market demand, with sales dropping by 14% in the second half [1][2] Future Projections - Morgan Stanley anticipates that Shenzhou's sales and profits will grow by 6% and 4% respectively in 2026, with a net profit margin projected at 18.3%, a decrease of 0.5 percentage points compared to the previous year [1][2]
小摩：降申洲国际目标价至81港元 料2026年复苏 维持“增持”评级