The independent financial analyst theScreener just lowered the general evaluation of ZOOMLION HVY IND (CN), active in the Commercial Vehicles & Trucks industry. As regards its fundamental valuation, the title now shows 3 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date January 25, 2022, the closing price was CNY ...
Six Directors at Zoomlion Heavy Industry Science &Technology Co Ltd sold 3,490,400 shares at 7.210CNY. 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 dire...
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....
After a strong rally for three consecutive months, the MSCI China index has come near an all-time high of 102.5pt, with the 12-month forward PE of MSCI China trading at a new high of 15.2x. We re-iterate our strategy to avoid beta chasing. Focus on beneficiaries of policy support and domestic demand recovery. New inclusions are Feihe, Han's Laser, Kingsoft Corp, Link REIT, Times Neighborhood, and WuXi AppTec.
KEY HIGHLIGHTS Strategy Alpha Picks: Greater China September Conviction List: With the 12-month forward PE of MSCI China trading at a new high of 15.2x, the divergence of current market performance from fundamentals is too large to ignore. TRADERS’ CORNER COSCO Ship Port (1199 HK): Trading Buy Range: HK$4.62-4.63 Longfor Group (960 HK): Trading Buy Range: HK$43.45-43.50
While we are optimistic for infrastructure REITs to gain traction in the long term as it aligns with China’s structural reform goals, projections of near-term impact would be premature for now as key details remain sparse. We expect a scale of Rmb300b- 500b to set the ball rolling. This reinforces our positive view on infrastructure FAI. Within our coverage, Sany Heavy, Zoomlion and Anhui Conch could be upstream beneficiaries. Unfavourable tax regime may be a potential stumbling block.
We believe the much stronger and faster-than-expected recovery of the domestic construction machinery sector would ease market concerns and trigger re-ratings for the companies in the universe. Short/mid-term outlooks are now more promising thanks to the tailwinds of favourable policies in China. We stay positive on the sector and suggest keeping an eye on cash flows and overseas risk. Top picks remain as Sany Heavy and Zoomlion-H. Maintain OVERWEIGHT on the machinery sector.
Key positives from the jump-start of the LGSB issuance in 2020 include accelerated issuance, much larger infrastructure proportion and more funds being used as capital. We re-iterate our view that infrastructure stimulus might be the most direct and effective way to buffer the economic slowdown after the COVID-19 outbreak. South and East China will perform better with stronger investment plans and quicker work resumption. We prefer the China cement and construction machinery sectors.
November sales volume of excavators beat market expectation again with a fresh nine-month-high growth of 21.7% yoy (vs 11.5% yoy in October). The continuous outperformance of the sector would ease market concerns over the sustainability of the upcycle and improve market sentiment. Looking ahead, we prefer late-cycle products that have more replacement demand that will kick in. Our top picks remain Sany Heavy and Zoomlion-H. Maintain OVERWEIGHT on the machinery sector.
UOB Kay Hian published on 26th September a report on China’s Infrastructure Sector that focuses on the influence of local government finance on the cement and machinery sectors. This thematic report addresses five key questions about the outlook for infrastructure fixed asset investment (FAI). The 16-page report (including the 2-page disclaimer) contains actionable investment recommendations for 6 HK-listed companies and 2 Shanghai-listed companies. For more information about the UOBKayHian de...
We address five key questions about infrastructure FAI. Our base-case scenario indicates that infrastructure FAI growth will likely rebound to 5.0% and 7.4% in 2019-20 respectively. In our view, local government special bonds are a key incremental driver that will offset other funding constraints in the next few years, and Eastern and Southern China shall benefit the most from this situation. We expect further stimulus to support China’s cement and machinery sectors.
Despite Zoomlion’s stronger than expected preliminary first-half 2019 results, we think the firm remains overvalued, as we expect a gradual slowdown in China’s infrastructure and construction activities in the long run. Zoomlion guided that first-half 2019 net profit is expected to increase by 172%-212% year over year to CNY 2.4 billion to CNY 2.7 billion from CNY 0.86 billion during the same period last year, above our expectations. This implies that for second-quarter 2019, net profit will...
Despite Zoomlion’s stronger than expected preliminary first-half 2019 results, we think the firm remains overvalued, as we expect a gradual slowdown in China’s infrastructure and construction activities in the long run. Zoomlion guided that first-half 2019 net profit is expected to increase by 172%-212% year over year to CNY 2.4 billion to CNY 2.7 billion from CNY 0.86 billion during the same period last year, above our expectations. This implies that for second-quarter 2019, net profit will...
* UOB Kay Hian published on 3rd July this initiation report on the China Machinery Sector. Our 48-page report (including the disclaimer) contains 4 actionable investment ideas and includes forecasts for 2019, 2020 and 2021 for the companies key data (including net turnover, operating profit, EPS, PER, PBR, ROE and dividend yield). The report has sections on:- * Investment Highlights: pages 3 - 4; * Industry Outlook: pages 5 - 7; * What We Prefer In This Cycle: pages 8 - 10; * Re-rating On Better...
We expect China’s machinery sector to continue to enjoy steady sales volume growth in 2019-20, while sales volumes will shift towards late-cycle products. We believe replacement demand is a major driver behind the current cycle while infrastructure stimulus shall serve as a key catalyst this year. We are expecting a sector re-rating on a better risk-reward profile. Initiate coverage on the sector with OVERWEIGHT. Our top picks are Sany Heavy and Zoomlion-H.
Following a strong first-quarter 2019 performance, we raised Zoomlion’s fair value estimate to HKD 3.70 (CNY 3.18) from HKD 3.40 (CNY 2.90) driven by higher growth assumptions mainly in 2019 and 2020. Our no-moat and stable moat trend ratings on the firm remain intact. Zoomlion announced first-quarter 2019 results with net profit increased by 166% year over year to CNY 1 billion from CNY 0.38 billion during the same period last year, in line with preliminary net profit of between CNY 0.85 bill...
Following a strong first-quarter 2019 performance, we raised Zoomlion’s fair value estimate to HKD 3.70 (CNY 3.18) from HKD 3.40 (CNY 2.90) driven by higher growth assumptions mainly in 2019 and 2020. Our no-moat and stable moat trend ratings on the firm remain intact. Zoomlion announced first-quarter 2019 results with net profit increased by 166% year over year to CNY 1 billion from CNY 0.38 billion during the same period last year, in line with preliminary net profit of between CNY 0.85 bill...
Following a strong first-quarter 2019 performance, we raised Zoomlion’s fair value estimate to HKD 3.70 (CNY 3.18) from HKD 3.40 (CNY 2.90) driven by higher growth assumptions mainly in 2019 and 2020. Our no-moat and stable moat trend ratings on the firm remain intact. Zoomlion announced first-quarter 2019 results with net profit increased by 166% year over year to CNY 1 billion from CNY 0.38 billion during the same period last year, in line with preliminary net profit of between CNY 0.85 bill...
Zoomlion announced preliminary first-quarter 2019 results with net profit expected to increase by 126%-179% year over year to CNY 0.85 billion to CNY 1.05 billion from CNY 0.38 billion during the same period last year, above our expectations. Management attributed the strong first-quarter 2019 performance to continuous strong demand for its construction machinery, which includes concrete, crane and other construction machinery that is underpinned by robust end demand from the infrastructure indu...
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