Zoomlion’s 1Q19 in Line with Prelim; FVE Raised but Shares Overvalued on Bearish Long-Term Outlook
Following a strong first-quarter 2019 performance, we raised Zoomlion’s fair value estimate to HKD 3.70 (CNY 3.18) from HKD 3.40 (CNY 2.90) driven by higher growth assumptions mainly in 2019 and 2020. Our no-moat and stable moat trend ratings on the firm remain intact. Zoomlion announced first-quarter 2019 results with net profit increased by 166% year over year to CNY 1 billion from CNY 0.38 billion during the same period last year, in line with preliminary net profit of between CNY 0.85 billio...
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