A director at Sany Heavy Industry Co sold 900,000 shares at 18.820CNY and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
Summary Lonking Holdings Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Lonking Holdings Ltd (LHL) is a manufacturer and distributor of construction machinery and logistic equipment. The company’s portfolio of products includes wheel loaders, rollers, excavators, motor...
The independent financial analyst theScreener just awarded an improved star rating to SANY HEAVY INDUSTRY (CN), active in the Commercial Vehicles & Trucks industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 3 out of 4 possible stars. With regard to its market behaviour, it remains unchanged and can be qualified as risky. theScreener considers that these elements allow slightly upgrading its rating to Neutral. As of the analysis date December 7...
Sany Heavy reported a record-high interim net profit of Rmb10b, up 17% yoy, due to margin squeeze in 2Q21 from raw material price hikes, but this was partially offset by surging overseas exposures. Looking ahead, we expect to see margin stabilisation and demand recovery in 4Q21, and the company’s heavy R&D investments would help it to maintain its market-leading position in the global market, with near-term pressure on margins. Maintain BUY and cut target price to Rmb32.00.
KEY HIGHLIGHTS Results Air China (753 HK/BUY/HK$5.16/Target: HK$6.26) 1H21: Weak 1H21, but guidance for improved yields suggests worst could be over. Upgrade to BUY. Baoshan Iron & Steel (600019 CH/BUY/Rmb8.93/Target: Rmb12.00) 1H21: Record-high results in strong steel market; declares interim dividend. BYD Company (1211 HK/BUY/HK$261.40/Target: HK$400.00) 2Q21: Results missed estimates, but outlook beat expectations. Upgrade from HOLD to BUY, and raise target price from HK$250.00 to HK$400.0...
GREATER CHINA Results Baoshan Iron & Steel (600019 CH/BUY/Rmb8.93/Target: Rmb12.00): 1H21: Record-high results in strong steel market; declares interim dividend. BYD Company (1211 HK/BUY/HK$261.40/Target: HK$400.00): 2Q21: Results missed estimates, but outlook beat expectations. Upgrade from HOLD to BUY, and raise target price from HK$250.00 to HK$400.00. China Longyuan Power (916 HK/BUY/HK$16.26/Target: HK$18.45): 1H21: Strong results; better-than-expected wind resources. Greentown Service (286...
July excavator sales volume came in slightly below expectation, partially due to severe weather conditions in central and eastern China. However, valuations of the names under our coverage are bottoming out with improving market sentiment, driven by stabilising commodity prices and expectations of infrastructure stimulus in 2H21. We believe the upcycle has ended while easing of raw material prices would serve as the key catalyst in 2H21. Maintain MARKET WEIGHT. Top pick: Zoomlion-H.
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We believe the peak replacement demand cycle of excavators has ended, while export and late-cycle products will still see robust growth in 2021-22. In the near term, margin squeeze will remain the key drag on share price performance in 2H21. However, we believe the share price correction in the past two months has priced in key negatives, and current valuations of leading players are undemanding as compared with global peers. Maintain MARKET WEIGHT. Top pick: Zoomlion-H.
Chinese equity markets rebounded slightly in Apr 21 from the pullback in Mar 21. For May 21, we continue our investment strategy to focus on stocks with a strong earnings outlook, including tech leaders with attractive valuations after the correction. Add Alibaba, Ganfeng Lithium, Kingsoft, Mindray, Powerlong and WuXi AppTec to our BUY list.
Excavator and loader sales surged by 60% and 52% yoy respectively in Mar 21 despite the high base in 2020. We expect the upcycle to be sustained, as indicated by the strong recovery in construction activities across the world and fully-filled production schedule of key components’ producers. We are concerned about the margins with rising raw material costs, but better earnings visibility will continue to drive up the valuations. Top pick: Zoomlion-H. Maintain MARKET WEIGHT on the sector.
GREATER CHINA Strategy Alpha Picks: Greater China April Conviction List: The recent market pullback is a good window to accumulate stocks with a strong earnings outlook. We are adding 12 stocks − including Li Ning, Haidilao, JD.com and Trip.com − to our BUY list. INDONESIA Strategy Alpha Picks: Underperformed In A Weak Market: We decided to reduce exposure to the construction sector by dropping WSKT. Our picks are: KLBF, BMRI, BSDE, WIKA, UNTR, INTP, ASII and BBTN. MALAYSIA Strategy Alpha Pick...
Chinese equity markets fell for most of Mar 21, and rebounded in the last week of the month. From Apr 21, we expect the market to rebound, with the focus on the global recovery following the Biden stimulus plan. In addition, the market pullback has provided a window of opportunity to accumulate stocks with a strong earnings outlook that used to trade at rather demanding valuations. We are adding 12 stocks including Li Ning, Haidilao, JD.com and Trip.com to our BUY list.
Sany Heavy delivered in-line 2020 net profit of Rmb15.4b, up 38% yoy with strong revenue expansion and moderate margin contraction. Management has guided for a 20% revenue growth in 2021. We believe the company will benefit from the global economic recovery with rising overseas presence as well as heavy R&D investment. Meanwhile, stronger-than-expected sales in March and 2Q21 would serve as catalysts in the near term. Maintain BUY with target price at Rmb46.00.
GREATER CHINA Results Air China (753 HK/HOLD/HK$6.73/Target: HK$6.72): 2020: Weakest earnings among the big three. Yields likely to remain weak. Downgrade to HOLD. China Southern Airlines (1055 HK/HOLD/HK$5.76/Target: HK$6.16): 2020: Ex-impairment charges, CSA would have been profitable in 2H20. Downgrade to HOLD. MicroPort Scientific Corporation (853 HK/BUY/HK$43.75/Target: HK$60.00): 2020: Results eroded by pandemic and coronary stent GPO; expects robust recovery in 2021. Upgrade to BUY. Sany ...
KEY HIGHLIGHTS Results Air China (753 HK/HOLD/HK$6.73/Target: HK$6.72) 2020: Weakest earnings among the big three. Yields likely to remain weak. Downgrade to HOLD. China Southern Airlines (1055 HK/HOLD/HK$5.76/Target: HK$6.16) 2020: Ex-impairment charges, CSA would have been profitable in 2H20. Downgrade to HOLD. MicroPort Scientific Corporation (853 HK/BUY/HK$43.75/Target: HK$60.00) 2020: Results eroded by pandemic and coronary stent GPO; expects robust recovery in 2021. Upgrade to BUY. Sa...
Sales of excavators and loaders surged by 205% and 110% yoy respectively in February from a low base. We foresee a historical high for March sales judging from ample downstream demand and a record high production schedule for producers of key components. We have turned more positive on the sector as we expect the upcycle to last through 2021 with near-term positive catalysts ahead. Top pick: Zoomlion-H. Upgrade China’s machinery sector to MARKET WEIGHT from UNDERWEIGHT.
Excavators’ and loaders’ sales surged by 97% and 52% yoy respectively in January, with strong growth across different sized products. We foresee a strong 1Q21 thanks to the very low base effect and the full production schedule of a key components producer. We remain cautious on the sector with concerns over diminishing replacement demand for excavators, while we stay positive on late-cycle products. Top pick: Zoomlion-H. Maintain UNDERWEIGHT on the machinery sector.
2020 excavator sales surged by 39% yoy, marking the best year in history for the segment. We expect a solid 1Q21, but the 2021 outlook for excavators is challenging with concerns of a funding crunch in both the infrastructure and property sectors. Meanwhile, the next replacement cycle round might kick in only from 2022 based on the latest policy. We believe the recent share price rally has largely priced in most of the positives for Sany Heavy Industry. Top picks: Zoomlion-H. Maintain UNDERWEIGH...
Excavator sales grew 61% yoy in October, marking the seventh month of sales volume growth staying above 50% yoy. We expect the momentum to sustain into 1Q21, as evidenced in the ample orderbooks of construction names and tight production schedules of component producers. A key catalyst for 2021 is the upgrade in emissions standard. We prefer late-cycle products for better growth visibility. Top pick: Zoomlion-H. Maintain OVERWEIGHT on the machinery sector.
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