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CLSA Upgrades SHENZHOU INTL (02313.HK) to Buy, with TP Lifted to $96
The apparel industry continued to grow at a modest pace in the first ten months of this year, with cumulative growth lagging behind that of consumer goods over the past two years, ...
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CLSA Upgrades SHENZHOU INTL (02313.HK) to Buy, with TP Lifted to $96
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The apparel industry continued to grow at a modest pace in the first ten months of this year, with cumulative growth lagging behind that of consumer goods over the past two years, according to a research report released by CLSA.

CLSA earlier estimated that the retail sales of sportswear will increase by 10% YoY this year, and expected the growth rate of the industry to slow down further to 7.5% next year. The broker is bullish on OEM next year, with stronger and more visible net margin growth prospects, driven by higher utilisation rates and lower competitive risks.

Related NewsG Sachs Downgrades LI NING (02331.HK) to Neutral, Trims TP to $22
The broker upgraded its rating on SHENZHOU INTL (02313.HK)  +0.250 (+0.364%)    Short selling $26.05M; Ratio 14.153%   from Outperform to Buy, raised its target price from $91 to $96, and ranked it as the top pick in the sector. The broker meanwhile lowered its target prices on LI NING (02331.HK)  +0.400 (+1.951%)    Short selling $76.02M; Ratio 14.778%   , XTEP INT'L (01368.HK)  -0.060 (-1.376%)    Short selling $8.64M; Ratio 28.965%   and YUE YUEN IND (00551.HK)  -0.020 (-0.252%)    Short selling $71.92K; Ratio 0.469%   , but maintained their respective Outperform ratings.

CLSA commented that consumption of sportswear will continue to decline, and expected most of the sportswear makers will complete inventory clearance early next year, with the corresponding reduction in discounts benefiting the gross margins of the brands. The broker expected competition in the industry to remain fierce next year, as average selling prices are less likely to drive growth, while advertising and promotional expenses will increase.

The broker additionally expected SHENZHOU's domestic factory utilisation to return to over 90% between September and October of 2023, compared to 80-85% on average in 1H23, and expected full capacity to be restored by the end of 4Q24.

Related NewsUBS Finds CN Consumption During LNY Ahead of Expectations
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-02-23 16:25.)

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