Zoomlion's 3Q Result Points to Sustained Recovery; FVE Maintained at HKD 4.1 per Share
Similar to other competitors, no-moat Zoomlion delivered a notably better third quarter, with net income jumping nearly 340% year on year to CNY 150 million on the back of flat top-line growth to CNY 5.7 billion. With the company tightening its focus on its core product portfolio (crane and agricultural machinery) going forward, we believe Zoomlion’s margin recovery is on track, and the more favorable industry demand outlook also provides additional support. We maintain our fair value estimate o...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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