Sany’s Second-Quarter 2018 in Line With Preliminary; Shares Overvalued on Long-Term Uncertainties
Sany’s first-half 2018 net profit increased by 192% to CNY 3.39 billion from CNY 1.16 billion during the same period last year and is in line with the preliminary results announced at the end of July, where Sany guided for an increase of around 180% to 210% year over year. This implies that net profit for second-quarter 2018 increased by 356% year over year to CNY 1.89 billion. With more clarity on its strong performance, we raised Sany’s fair value estimate to CNY 7.30 (from CNY 7.00) following...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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