Zoomlion’s Prelim 2Q19 Above Expectations; Shares Remain Overvalued on Long-Term Uncertainties
Despite Zoomlion’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. Zoomlion guided that first-half 2019 net profit is expected to increase by 172%-212% year over year to CNY 2.4 billion to CNY 2.7 billion from CNY 0.86 billion during the same period last year, above our expectations. This implies that for second-quarter 2019, net profit will inc...
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