The worst days are over, with better top-line growth and stronger free cash flow generation ahead.
No-moat Zoomlion’s disappointing 2016 results came in marginally below our expectations. The company’s net loss of CNY 929 million was at the higher end of its most recent profit alert and exceeded our estimate by roughly 12%, while the virtually flat top-line growth was broadly in line with our expectations. The restructuring costs, the rising proportion of low-margin second-hand equipment sales, and significant weakness in the second half were the key drivers behind the net losses. Still, we t...
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