Recent Insider Transactions • Apr 07
Executive Chairman of the Board recently bought HK$50m worth of stock On the 1st of April, Jianrong Ma bought around 1m shares on-market at roughly HK$47.68 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Jianrong has been a buyer over the last 12 months, purchasing a net total of HK$114m worth in shares. Major Estimate Revision • Apr 07
Consensus EPS estimates fall by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from CN¥34.7b to CN¥32.3b. EPS estimate also fell from CN¥4.76 per share to CN¥4.00 per share. Net income forecast to grow 2.7% next year vs 7.3% growth forecast for Luxury industry in Hong Kong. Consensus price target down from HK$80.45 to HK$67.97. Share price was steady at HK$47.12 over the past week. Declared Dividend • Apr 01
Final dividend of HK$1.20 announced Shareholders will receive a dividend of HK$1.20. Ex-date: 3rd June 2026 Payment date: 23rd June 2026 Dividend yield will be 5.4%, which is higher than the industry average of 3.3%. Sustainability & Growth The dividend has increased by an average of 10% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 31
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CN¥3.88 (down from CN¥4.15 in FY 2024). Revenue: CN¥31.0b (up 8.1% from FY 2024). Net income: CN¥5.83b (down 6.7% from FY 2024). Profit margin: 19% (down from 22% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 9.9%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • Mar 30
Shenzhou International Group Holdings Limited, Annual General Meeting, May 27, 2026 Shenzhou International Group Holdings Limited, Annual General Meeting, May 27, 2026. Announcement • Jan 26
Shenzhou International Group Holdings Limited to Report Fiscal Year 2025 Results on Mar 30, 2026 Shenzhou International Group Holdings Limited announced that they will report fiscal year 2025 results on Mar 30, 2026 Reported Earnings • Sep 30
First half 2025 earnings released: EPS: CN¥2.11 (vs CN¥1.95 in 1H 2024) First half 2025 results: EPS: CN¥2.11 (up from CN¥1.95 in 1H 2024). Revenue: CN¥15.0b (up 15% from 1H 2024). Net income: CN¥3.18b (up 8.4% from 1H 2024). Profit margin: 21% (down from 23% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.0% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Declared Dividend • Aug 29
First half dividend of HK$1.38 announced Shareholders will receive a dividend of HK$1.38. Ex-date: 9th September 2025 Payment date: 26th September 2025 Dividend yield will be 4.3%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but not covered by cash flows (102% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 30% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 28
First half 2025 earnings released: EPS: CN¥2.11 (vs CN¥1.95 in 1H 2024) First half 2025 results: EPS: CN¥2.11 (up from CN¥1.95 in 1H 2024). Revenue: CN¥15.0b (up 15% from 1H 2024). Net income: CN¥3.18b (up 8.4% from 1H 2024). Profit margin: 21% (down from 23% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Announcement • Jul 14
Shenzhou International Group Holdings Limited to Report Q2, 2025 Results on Aug 27, 2025 Shenzhou International Group Holdings Limited announced that they will report Q2, 2025 results on Aug 27, 2025 Recent Insider Transactions • Jun 17
Executive Chairman of the Board recently bought HK$12m worth of stock On the 13th of June, Jianrong Ma bought around 234k shares on-market at roughly HK$53.31 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$15m. Jianrong has been a buyer over the last 12 months, purchasing a net total of HK$47m worth in shares. Upcoming Dividend • May 28
Upcoming dividend of HK$1.28 per share Eligible shareholders must have bought the stock before 04 June 2025. Payment date: 25 June 2025. Payout ratio is a comfortable 56% and the cash payout ratio is 96%. Trailing yield: 4.6%. Lower than top quartile of Hong Kong dividend payers (7.7%). Higher than average of industry peers (3.3%). Reported Earnings • Apr 25
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CN¥4.15 (up from CN¥3.03 in FY 2023). Revenue: CN¥28.7b (up 15% from FY 2023). Net income: CN¥6.24b (up 37% from FY 2023). Profit margin: 22% (up from 18% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 6.6%. Revenue is forecast to grow 9.6% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Apr 24
Executive Chairman of the Board recently bought HK$14m worth of stock On the 17th of April, Jianrong Ma bought around 282k shares on-market at roughly HK$49.84 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth HK$15m. Jianrong has been a buyer over the last 12 months, purchasing a net total of HK$35m worth in shares. Recent Insider Transactions • Apr 13
Executive Chairman of the Board recently bought HK$6.1m worth of stock On the 9th of April, Jianrong Ma bought around 141k shares on-market at roughly HK$43.12 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Jianrong's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to HK$47.15, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 8x in the Luxury industry in Hong Kong. Total loss to shareholders of 48% over the past three years. Declared Dividend • Mar 27
Final dividend of HK$1.28 announced Shareholders will receive a dividend of HK$1.28. Ex-date: 4th June 2025 Payment date: 25th June 2025 Dividend yield will be 4.1%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but not adequately covered by cash flows (92% cash payout ratio). The dividend has increased by an average of 15% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 31% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Mar 26
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CN¥4.15 (up from CN¥3.03 in FY 2023). Revenue: CN¥28.7b (up 15% from FY 2023). Net income: CN¥6.24b (up 37% from FY 2023). Profit margin: 22% (up from 18% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.0%. Earnings per share (EPS) also surpassed analyst estimates by 6.6%. Revenue is forecast to grow 9.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Announcement • Mar 25
Shenzhou International Group Holdings Limited, Annual General Meeting, May 27, 2025 Shenzhou International Group Holdings Limited, Annual General Meeting, May 27, 2025. Announcement • Jan 23
Shenzhou International Group Holdings Limited to Report Fiscal Year 2024 Results on Mar 25, 2025 Shenzhou International Group Holdings Limited announced that they will report fiscal year 2024 results on Mar 25, 2025 Reported Earnings • Sep 29
First half 2024 earnings: EPS and revenues miss analyst expectations First half 2024 results: EPS: CN¥1.95 (up from CN¥1.42 in 1H 2023). Revenue: CN¥13.0b (up 12% from 1H 2023). Net income: CN¥2.93b (up 38% from 1H 2023). Profit margin: 23% (up from 18% in 1H 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 6.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Declared Dividend • Aug 30
First half dividend of HK$1.25 announced Shareholders will receive a dividend of HK$1.25. Ex-date: 9th September 2024 Payment date: 27th September 2024 Dividend yield will be 3.6%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 44% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 29
First half 2024 earnings: EPS and revenues miss analyst expectations First half 2024 results: EPS: CN¥1.95 (up from CN¥1.42 in 1H 2023). Revenue: CN¥13.0b (up 12% from 1H 2023). Net income: CN¥2.93b (up 38% from 1H 2023). Profit margin: 23% (up from 18% in 1H 2023). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.5%. Earnings per share (EPS) also missed analyst estimates by 6.3%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Announcement • Aug 28
Shenzhou International Group Holdings Limited Announces Dividend for the Six-Month Period Ended 30 June 2024, Payable on 27 September 2024 Shenzhou International Group Holdings Limited announced a HKD 1.25 per share dividend for the six months ending 30 June 2024. The ex-dividend date is 9 September 2024. The record date is 16 September 2024. The payment date is 27 September 2024. Announcement • Jul 30
Shenzhou International Group Holdings Limited Announces Executive Appointments, Effective 1 August 2024 The board of directors of Shenzhou International Group Holdings Limited announced that Mr. Guanlin Huang, an executive Director and general manager of the Company, is appointed as president of the Company with effect from 1 August 2024. He will be primarily responsible for the operations of the Group. His position as an executive Director of the Company remains unchanged. Mr. Guanlin Huang, aged 59, is an executive Director, president and Co-CEO of the Company. He is responsible for the daily business operations of the Group such as production management, sales and marketing and has over 36 years of experience in the textile industry. Mr. Huang graduated from Zhejiang University of Technology, majoring in chemical industry management and engineering. He has been the general manager of Ningbo Shenzhou Knitting Co. Ltd. since April 2005. Mr. Huang is also a director or general manager of certain principal subsidiaries of the Company. He is the brother-in-law of Mr. Jianrong Ma, an executive Director. Mr. Huang is a director of Keep Glory Limited. Mr. Huang entered into a service contract with the Company for a term of three years commencing from 24 November 2005 and renewable automatically for another three years unless terminated pursuant to the terms of the service contract. Pursuant to the service contract, the service contract may be terminated by either party serving not less than three months' notice in writing. There is no service contract in relation to Mr. Huang's appointment as the president and the Co- CEO. The Board also announced that Mr. Renhe Ma, an executive Director, is appointed as president with effect from 1 August 2024. He will be primarily responsible for the expansion of the Group's overseas business, with a focus on overseas production layout and strengthening the management of overseas factories. His position as an executive Director of the Company remains unchanged. Mr. Renhe Ma, aged 64, is an executive Director, president, Co-CEO and a member of the remuneration committee of the Company. He is responsible for the administration management, dyeing and finishing affairs of the Group and has over 47 years of experience in textile industry. He has been acting as a deputy general manager of Shenzhou Knitting since May 2002. Mr. Ma is also a director or general manager of certain principal subsidiaries of the Company. He is a cousin of Mr. Jianrong Ma, an executive Director. Mr. Ma entered into a service contract with the Company for a term of three years commencing from 24 November 2005 and renewable automatically for another three years unless terminated pursuant to the terms of the service contract. Pursuant to the service contract, the service contract may be terminated by either party serving not less than 3 months' notice in writing. There is no service contract in relation to Mr. Ma's appointment as the president and the Co-CEO. Announcement • Jul 29
Shenzhou International Group Holdings Limited Announces Executive Changes, Effective 1 August 2024 The board of directors of Shenzhou International Group Holdings Limited announced that Mr. Guanlin Huang, an executive Director and general manager of the Company, is re-designated as co-chief executive officer of the Company with effect from 1 August 2024. He will be primarily responsible for the operations of the Group. His position as an executive Director of the Company remains unchanged. Mr. Guanlin Huang, aged 59, is an executive Director, president and Co-CEO of the Company. He is responsible for the daily business operations of the Group such as production management, sales and marketing and has over 36 years of experience in the textile industry. Mr. Huang graduated from Zhejiang University of Technology, majoring in chemical industry management and engineering. He has been the general manager of Ningbo Shenzhou Knitting Co. Ltd. since April 2005. Mr. Huang is also a director or general manager of certain principal subsidiaries of the Company. He is the brother-in-law of Mr. Jianrong Ma, an executive Director. Mr. Huang is a director of Keep Glory Limited. Mr. Huang entered into a service contract with the Company for a term of three years commencing from 24 November 2005 and renewable automatically for another three years unless terminated pursuant to the terms of the service contract. Pursuant to the service contract, the service contract may be terminated by either party serving not less than three months' notice in writing. There is no service contract in relation to Mr. Huang's appointment as the president and the Co- CEO. The Board also announced that Mr. Renhe Ma, an executive Director, is appointed as Co-CEO with effect from 1 August 2024. He will be primarily responsible for the expansion of the Group's overseas business, with a focus on overseas production layout and strengthening the management of overseas factories. His position as an executive Director of the Company remains unchanged. Mr. Renhe Ma, aged 64, is an executive Director, president, Co-CEO and a member of the remuneration committee of the Company. He is responsible for the administration management, dyeing and finishing affairs of the Group and has over 47 years of experience in textile industry. He has been acting as a deputy general manager of Shenzhou Knitting since May 2002. Mr. Ma is also a director or general manager of certain principal subsidiaries of the Company. He is a cousin of Mr. Jianrong Ma, an executive Director. Mr. Ma entered into a service contract with the Company for a term of three years commencing from 24 November 2005 and renewable automatically for another three years unless terminated pursuant to the terms of the service contract. Pursuant to the service contract, the service contract may be terminated by either party serving not less than 3 months' notice in writing. There is no service contract in relation to Mr. Ma's appointment as the president and the Co-CEO. Announcement • Jul 20
Shenzhou International Group Holdings Limited to Report First Half, 2024 Results on Aug 28, 2024 Shenzhou International Group Holdings Limited announced that they will report first half, 2024 results on Aug 28, 2024 Buy Or Sell Opportunity • Jul 05
Now 21% undervalued Over the last 90 days, the stock has risen 1.7% to HK$74.05. The fair value is estimated to be HK$93.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Announcement • May 29
Shenzhou International Group Holdings Limited Approves Final Dividend for the Year Ended 31 December 2023, Payable on 20 June 2024 Shenzhou International Group Holdings Limited at its general meeting held on 28 May 2024 approved and declare the payment of a final dividend of HKD 1.08 per share of HKD 0.10 eachin the capital of the Company for the year ended 31 December 2023. The final dividend will be paid on 20 June 2024 to the Shareholders whose names appear on the register of members of the Company at the close of business on 12 June 2024. Upcoming Dividend • May 29
Upcoming dividend of HK$1.08 per share Eligible shareholders must have bought the stock before 05 June 2024. Payment date: 20 June 2024. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 2.6%. Lower than top quartile of Hong Kong dividend payers (7.5%). Lower than average of industry peers (3.0%). Reported Earnings • Apr 27
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: CN¥3.03 (down from CN¥3.04 in FY 2022). Revenue: CN¥25.0b (down 10% from FY 2022). Net income: CN¥4.56b (flat on FY 2022). Profit margin: 18% (up from 16% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Apr 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.6% to HK$73.05. The fair value is estimated to be HK$91.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 14% per annum over the same time period. Board Change • Apr 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Chunhong Liu was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Mar 28
Final dividend of HK$1.08 announced Shareholders will receive a dividend of HK$1.08. Ex-date: 5th June 2024 Payment date: 20th June 2024 Dividend yield will be 2.7%, which is lower than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (49% cash payout ratio). The dividend has increased by an average of 12% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 49% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 27
Shenzhou International Group Holdings Limited, Annual General Meeting, May 28, 2024 Shenzhou International Group Holdings Limited, Annual General Meeting, May 28, 2024, at 10:00 China Standard Time. Location: 7th Floor, the Group's Office Building, No. 18 Yongjiang Road, Beilun District, Ningbo Ningbo Zhejiang Province China Reported Earnings • Mar 27
Full year 2023 earnings: EPS in line with expectations, revenues disappoint Full year 2023 results: EPS: CN¥3.03 (down from CN¥3.04 in FY 2022). Revenue: CN¥25.0b (down 10% from FY 2022). Net income: CN¥4.56b (flat on FY 2022). Profit margin: 18% (up from 16% in FY 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 6.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Announcement • Jan 30
Shenzhou International Group Holdings Limited Announces Resignation of Chen Zhifen as Executive Director, Effect from 31 January 2024 The board of directors of Shenzhou International Group Holdings Limited announced that Ms. Chen Zhifen (Ms. Chen) has tendered her resignation as an executive Director, with effect from 31 January 2024, due to her having reached the retirement age. Ms. Chen has confirmed that she has no disagreement with the Board, and there are no other matters relating to her resignation that need to be brought to the attention of holders of securities of the Company. Buy Or Sell Opportunity • Jan 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to HK$67.70. The fair value is estimated to be HK$85.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has declined by 8.5%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings are also forecast to grow by 16% per annum over the same time period. Announcement • Jan 09
Shenzhou International Group Holdings Limited to Report Q4, 2023 Results on Mar 26, 2024 Shenzhou International Group Holdings Limited announced that they will report Q4, 2023 results on Mar 26, 2024 Buying Opportunity • Oct 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.8%. The fair value is estimated to be HK$91.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has declined by 8.5%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings is also forecast to grow by 16% per annum over the same time period. Reported Earnings • Sep 30
First half 2023 earnings: EPS exceeds analyst expectations while revenues lag behind First half 2023 results: EPS: CN¥1.42 (down from CN¥1.57 in 1H 2022). Revenue: CN¥11.6b (down 15% from 1H 2022). Net income: CN¥2.13b (down 10% from 1H 2022). Profit margin: 18% (up from 17% in 1H 2022). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 5.8%. Earnings per share (EPS) exceeded analyst estimates by 1.4%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 17% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Sep 04
Upcoming dividend of HK$0.95 per share at 2.2% yield Eligible shareholders must have bought the stock before 11 September 2023. Payment date: 28 September 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 2.2%. Lower than top quartile of Hong Kong dividend payers (7.7%). Lower than average of industry peers (2.7%). Announcement • Aug 31
Shenzhou International Group Holdings Limited Announces Dividend for the Six Months Period Ended 30 June 2023, Payable on 28 September 2023 Shenzhou International Group Holdings Limited announced dividend of HKD 0.95 per share for the six months period ended 30 June 2023. Ex-dividend date is 11 September 2023. Record date is 15 September 2023. Payment date is 28 September 2023. Reported Earnings • Aug 31
First half 2023 earnings released: EPS: CN¥1.42 (vs CN¥1.57 in 1H 2022) First half 2023 results: EPS: CN¥1.42 (down from CN¥1.57 in 1H 2022). Revenue: CN¥11.6b (down 15% from 1H 2022). Net income: CN¥2.13b (down 10% from 1H 2022). Profit margin: 18% (up from 17% in 1H 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 14% per year. Buying Opportunity • Aug 17
Now 21% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be HK$96.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has declined by 12%. For the next 3 years, revenue is forecast to grow by 9.8% per annum. Earnings is also forecast to grow by 14% per annum over the same time period. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to HK$79.65, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 8x in the Luxury industry in Hong Kong. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$75.72 per share. Upcoming Dividend • May 31
Upcoming dividend of HK$0.85 per share at 2.9% yield Eligible shareholders must have bought the stock before 07 June 2023. Payment date: 26 June 2023. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Hong Kong dividend payers (7.8%). In line with average of industry peers (2.7%). Buying Opportunity • May 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 31%. The fair value is estimated to be HK$81.43, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.7% over the last 3 years. Earnings per share has declined by 12%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is also forecast to grow by 15% per annum over the same time period. Reported Earnings • Mar 29
Full year 2022 earnings: EPS in line with analyst expectations despite revenue beat Full year 2022 results: EPS: CN¥3.04 (up from CN¥2.24 in FY 2021). Revenue: CN¥27.8b (up 17% from FY 2021). Net income: CN¥4.56b (up 35% from FY 2021). Profit margin: 16% (up from 14% in FY 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Luxury industry in Hong Kong. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Feb 02
Shenzhou International Group Holdings Limited to Report Fiscal Year 2022 Results on Mar 28, 2023 Shenzhou International Group Holdings Limited announced that they will report fiscal year 2022 results on Mar 28, 2023 
