Zoomlion’s Prelim 1Q19 Above Expectations; Shares Remain Overvalued on Long-term Uncertainties
Zoomlion announced preliminary first-quarter 2019 results with net profit expected to increase by 126%-179% year over year to CNY 0.85 billion to CNY 1.05 billion from CNY 0.38 billion during the same period last year, above our expectations. Management attributed the strong first-quarter 2019 performance to continuous strong demand for its construction machinery, which includes concrete, crane and other construction machinery that is underpinned by robust end demand from the infrastructure indu...
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