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...
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