Sany's Preliminary 2017 Result Showed Strong Recovery; FVE Maintained at CNY 7 per Share
No-moat Sany's preliminary 2017 result missed our estimate by roughly 10%, but still underpins a strong performance on the back of a nationwide infrastructure ramp-up. The company anticipates full-year net income in the range of CNY 1.83 billion-CNY 1.9 billion, implying year-on-year earnings growth of 898%-937%. We retain our fair value estimate of CNY 7 per share for now, pending the release of the full-year results in late April. While we believe the industry demand recovery will continue int...
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