Sany’s Prelim 2Q19 Above Expectations; Shares Remain Overvalued on Long-Term Uncertainties
Despite Sany’s stronger than expected preliminary first-half 2019 results, we think the firm remains overvalued, as we expect a gradual slowdown in China’s infrastructure and construction activities in the long run. Sany guided that first-half 2019 net profit is expected to increase by 92%-107% year over year to CNY 6.5 billion to CNY 7.0 billion from CNY 3.4 billion during the same period last year, above our expectations. This implies that for second-quarter 2019, net profit will increase by 7...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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