[ET Net News Agency, 15 April 2019] Morgan Stanley raised its target price for Shenzhen
International (SZI)(00152) to HK$22 from HK$19.8 and maintained its "overweight" rating.
The research house sees a stable earnings outlook from SZI's toll roads, logistics and
property sales in 2019. Morgan noted that SZI's 2018 net profit of HK$4,213mn beat its
estimate by 18.7%.
Morgan raised its 2019 net profit estimate by 6% to HK$4.3bn, but cut its 2020 net
profit to HK$5.1bn, given the possible delay of Meilin Phase 2 property sales to 2021.
Despite a 16% share price rebound year-to-date, Morgan said the stock is trading at 8.6x
2019 P/E, or 53% below the average for its global peers. It thinks this valuation discount
is unjustified, given the strong growth in its core logistics parks business and the
deep value in SZI's land assets in Shenzhen. (KL)
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00152 SHENZHEN INT'L
Nominal 
6.100 +0.150 (+2.521%) Others
15/04/2019 10:08
[I-bank focus]Morgan raises Shenzhen Int'l (00152) to HK$22
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