Zoomlion FVE Upgraded to HKD 4.1 per Share on Industry Turnaround
Following the positive earnings alert from Zoomlion on the back of robust construction machinery demand in China, we raise Zoomlion’s fair value estimate to HKD 4.1 per share (from HKD 2.65) to reflect the significant improvement in company’s fundamentals. In our view, the worst is over for the domestic construction machinery industry. The public-private-partnership-driven infrastructure spending push, moderating industry oversupply and continuous improvement in utilization hours will meaningful...Zoomlion Heavy Industry Science And Technology Co., Ltd. is principally engaged in the research, development, manufacture and sales of engineering equipment, environmental sanitation equipment and agricultural equipment. The Company operates through four segments. The Engineering Equipment segment includes concrete equipment, lifting equipment, earthmoving equipment, foundation construction equipment, road construction equipment and forklifts, which mainly serve the construction of infrastructure and real estate. The Environmental Industry segment is engaged in the production of sanitation equipment, as well as environmental management investment and operating business. The Agricultural Equipment segment consists of farming machinery, harvesting machinery, drying machinery and agricultural machinery, among others. The Financial segment provides financial leasing and other financial services.
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