[ET Net News Agency, 9 January 2020] BOCI raised its target price for Shenzhen
International (SZI)(00152) to HK$19.5 from HK$19.1 and maintained its "buy" rating.
The research house said SZI's second phase of a land swap in Qianhai with Shenzhen
government was confirmed on 31 December 2019. SZI obtained 41,200sqm land and 83% of its
GFA is for residential use; SZI will book PBT of RMB2,187m (HK$2,430m) as one-off gain in
FY2019 and BOCI expects DPS to increase accordingly.
The progress is in-line with market expectation and the remaining land value of
RMB3,680m in Qianhai will be obtained by SZI in the future as the third phase. BOCI
expects plenty of other income from property development and land rezoning in the near
term while the long-term potential of a logistics park business is still huge. (KL)