Zoomlion Delivered Solid First Quarter Amid Industry Turnaround; FVE Maintained at HKD 4.1
Zoomlion reported a solid first-quarter result on back of strong domestic demand for construction machinery. The net income turned positive to CNY 86 million (from CNY 660 million loss last year), in line with the company’s earlier profit guidance, while revenue rose 75% year on year to CNY 5.2 billion amid strong demand and lower base effect. In light of ongoing infrastructure spending and a stabilizing real estate market, we think Zoomlion is on a steady path toward sustainable recovery. We ma...
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