Sany's 2018 in Line With Prelim; FVE Raised but Shares Remain Overvalued on Long-Term Uncertainties
We raise our Sany fair value estimate to CNY 7 per share from CNY 6.40 following minor adjustments to our valuation model and rolling forward our estimates. The lower net debt due to stronger-than-expected cash flow generation in 2018 and slightly higher growth assumptions resulted in an increase in our fair value estimate. We have also adjusted for the enlarged share count from the conversion of convertible loans. Our no-moat and stable moat trend ratings are intact.Sany announced full-year r...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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