Zoomlion's FVE Cut to HKD 2.65 on Weak Construction Product Sales and One-Offs
No-moat construction machinery firm Zoomlion reported a disappointing first-half result. The net loss widened by 115% year on year to CNY 854 million, mainly on one-offs related to restructuring and foreign exchange losses, while deteriorating demand for construction machinery led to a 15% year-on-year revenue decline to CNY 9 billion. While Zoomlion’s environmental/agricultural product portfolio (44% of our 2016 revenue estimate) managed to achieve 8%-12% year-on-year revenue growth and moderat...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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