Sany's First-Half Result Disappointed on Weak Core Product Demand and One-Offs; FVE Cut to CNY 4.50
No-moat construction equipment supplier Sany Heavy Industry reported first-half performance that fell short, with revenue declining 19% and net income down 49%, to CNY 11.2 billion and CNY 140.0 million, respectively, with the latter hurt by one-off losses. The recovery in real estate activity and infrastructure spending failed to stimulate demand for Sany’s cranes, while concrete machinery sales were also notably weak. Around CNY 500 million of one-off losses and charges related to a restructur...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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