Daiwa cuts Shenzhou Intl (HKG:2313) target price to $16.1


Daiwa Capital Markets announced in its research report that the new polyester products of Shenzhou International Group (HKG:2313) will be added to the product mix in 2013, continuing its effort to diversify the customer base. The brokerage reiterated the stock rating of Buy, slightly lowering its target price from HK$16.5 to HK$16.1, but the company remains to be a top pick in the China textile industry.

Daiwa believed that Shenzhou's unique integrated business model has proved to key customers that it can deliver quality products in a shorter time frame than its competitors.


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