Shenzhen Intl (152 HK): Conversation with Company Affirms 2H23 Outlook

784 Views12 Oct 2023 08:00
​Shenzhen Intl is expected to see strong earnings growth in 2H23, driven by profit from Yicheng Qiwanli and potential REIT listing, as well as a reduction in interest rate and foreign exchange losses.
Boomeranged on Thu, 28 Mar 2024 13:23
Shenzhen Intl's FY23 result is a tad below consensus, but it still logged a decent 52% YoY increase. In particular, net profit surged 1.7x YoY in 2H23, reversing 1H23 downtrend. Finance cost has come down 31% HoH, despite a 6.7pp higher gearing, reflecting positive impact of debt structure adjustments. DPS was HK$0.4, equal to a 6.7% dividend yield. On 0.4x P/B, more asset value can be released.
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Osbert Tang, CFA
HK/China Equity Long-Short
Hong Kong & ChinaIndustrials & UtilitiesEquity Bottom-UpThematic (Sector/Industry)
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