Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

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Equity Bottom-Up

Zoomlion Heavy Industry H / Equity Bottom-Up

Following the positive earnings alert from Zoomlion on the back of robust construction machinery demand in China, we raise Zoomlion’s fair value estimate to HKD 4.1 per share (from HKD 2.65) to reflect the significant improvement in company’s fundamentals. In our view, the worst is over for the domestic construction machinery industry. The public-private partnership-driven infrastructure spending push, moderating industry oversupply and continuous improvement in utilization hours will meaningfully boost the near-term demand outlook for construction equipment. In 2017, we anticipate Zoomlion’s net income to reach CNY 646 million (versus loss of CNY 929 million in 2016), while top-line growth will accelerate to 25% due to robust demand and lower base effect.Our fair value implies forward price/earnings ratio of 51 times and price/book ratio of 2.2 times, respectively. We consider the current market price fairly valued.Analyst: John Hu

Following the positive earnings alert from Zoomlion on the back of robust construction machinery demand in China, we raise Zoomlion’s fair value estimate to HKD 4.1 per share (from HKD 2.65) to reflect the significant improvement in company’s fundamentals. In our view, the worst is over for the domestic construction machinery industry. The public-private partnership-driven infrastructure spending push, moderating industry oversupply and continuous improvement in utilization hours will meaningfully boost the near-term demand outlook for construction equipment. In 2017, we anticipate Zoomlion’s net income to reach CNY 646 million (versus loss of CNY 929 million in 2016), while top-line growth will accelerate to 25% due to robust demand and lower base effect.Our fair value implies forward price/earnings ratio of 51 times and price/book ratio of 2.2 times, respectively. We consider the current market price fairly valued.Analyst: John Hu

Zoomlion FVE Upgraded to HKD 4.1 Per Share on Industry Turnaround