Sany’s 1Q19 Exceeds Expectations; FVE Raised but Shares Overvalued on Bearish Long-term Outlook
Following a strong first-quarter 2019 performance, we raised Sany’s fair value estimate to CNY 7.80 from CNY 7.00 driven by higher growth assumptions mainly in 2019 and 2020. Our no-moat and stable moat trend ratings on the firm remain intact. Sany announced first-quarter 2019 results with net profit increased by 118% year over year to CNY 3.2 billion from CNY 1.5 billion during the same period last year, exceeding our expectations. Management attributed the solid performance to robust demand fo...SANY HEAVY INDUSTRY CO.,LTD is a China-based company principally engaged in the research and development, manufacture, distribution and provision of services of engineering machinery. The Company's major products are categorized into five types, which are concrete machinery, excavating machinery, hoisting machinery, pile driving machinery and road construction machinery, including truck-mounted concrete pumps, trailer concrete pumps, excavators, truck cranes, rotary drilling rigs and sets of road equipment, among others. The Company distributes its products in both domestic and to overseas markets.
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