Zoomlion’s Strong Fiscal-Year 2018 Above Our Expectations; Shares Fairly Valued
Zoomlion announced preliminary full-year 2018 results with net profit expected to increase by 46%-61% year over year to CNY 1.95 billion to CNY 2.15 billion from CNY 1.332 billion in 2017. The results were above our expectations and imply that Zoomlion’s net profit for fourth-quarter 2018 was around CNY 647 million to CNY 847 million, a huge increase from CNY 50 million during the same period last year. Management attributed the strong full-year 2018 performance to robust demand for its machiner...
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