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Morgan Stanley: Lowers Shenzhou International target price to HK$50, cuts 2026-2028 earnings forecasts

2026-06-29 11:48:50

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Golden Finance reported that on June 29, Morgan Stanley published a research note stating that order fluctuations for Shenzhou International in the first half of 2026 will impact its revenue and profit margins. However, the stock's underperformance this year relative to the broader market has already fully reflected these weak factors. The bank expects that as the impact of the Middle East conflict subsides, customer sentiment improves, and with the low base effect, shipment volume and revenue will both grow 9% year-over-year in the second half of the year, while net profit is expected to rise 19% year-over-year. Due to macro uncertainty, the bank has lowered its earnings forecasts for 2026 to 2028 by 3%, 5%, and 8% respectively, and reduced the target price-to-earnings ratio from 14x to 12x, with the target price cut from HK$58 to HK$50. It reiterates an "overweight" rating and believes the stock currently offers an expected cash dividend yield of over 6%, which is attractive.

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