Sany Delivered Strong FY17 Result Amid Industry Demand Recovery; FVE Maintained at CNY 7 per Share
There were no major surprises in no-moat Sany’s 2017 results. Driven by robust demand recovery and narrowing restructuring losses, net income rose nearly 10-fold to CNY 2.1 billion, 10% above the company’s guidance in its preliminary result announcement, while the 64% year-on-year top-line increase to CNY 38.3 billion was as expected. Going forward, we expect Sany’s 2018 net income and revenue to rise 50% year on year and 13% year on year, respectively. The industry outlook remains decent despit...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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