CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

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<ul><li>Improving asset turnover, earnings on an upcycle trend, and strong stock price momentum relative to its sector</li><li>Sinotruk’s heavy-duty trucks segment should drive the sales momentum with the increasing tractor demand. 1H17 saw a remarkable revenue growth of 74% YoY</li><li>Change in regulations by Chinese government to curb overloading and emissions should boost compliant Sintotruk truck sales further</li><li>Trades at 17CE* 14.4x PE versus Asian Capital Goods at 11.8x PE, but Sinotruk offers much better earnings growth and is net cash</li><li>Risks: Heavy-duty truck demand slowdown</li></ul><p><em>* Consensus Estimates</em></p>

Improving asset turnover, earnings on an upcycle trend, and strong stock price momentum relative to its sectorSinotruk’s heavy-duty trucks segment should drive the sales momentum with the increasing tractor demand. 1H17 saw a remarkable revenue growth of 74% YoYChange in regulations by Chinese government to curb overloading and emissions should boost compliant Sintotruk truck sales furtherTrades at 17CE* 14.4x PE versus Asian Capital Goods at 11.8x PE, but Sinotruk offers much better earnings growth and is net cashRisks: Heavy-duty truck demand slowdown* Consensus Estimates

Sinotruk (3808 HK): Heavy Duty Has Yielded Heavy Sales

China

Sinotruk Hong Kong Ltd is a heavy truck manufacturer in China.  The company specializes in the research, development and manufacturing of heavy trucks and related key parts and components, including cabins, engines and axles.

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Sinotruk Hong Kong (3808 HK)

Sinotruk (3808 HK): Heavy Duty Has Yielded Heavy Sales

Improving asset turnover, earnings on an upcycle trend, and strong stock price momentum relative to its sector Sinotruk’s heavy-duty trucks...

A. Stotz Investment Research

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