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...
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