Sany Heavy Industry May Gain From Start of China's Excavator-Replacement Cycle -- Market Talk

Dow Jones07-03

0210 GMT - Sany Heavy Industry could benefit from the start of China's excavator-replacement cycle, Daiwa Capital Markets analysts say in a research report as they upgrade the stock to hold from underperform and raise the target price to CNY15.90 from CNY15.00. China's excavator unit sales have continued to beat market expectations since April, the brokerage says. It changes its conservative view and now expects the recovery of excavator sales volume to be cyclical and sustainable. Also, the Chinese heavy-equipment manufacturer described a positive export trend, which is in line with Daiwa's export trackers, the analysts say, citing Sany's management comments at a recent nondeal roadshow. Shares are 0.4% lower at CNY15.63. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

July 02, 2024 22:10 ET (02:10 GMT)

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It changes its conservative view and now expects the recovery of excavator sales volume to be cyclical and sustainable. Also, the Chinese heavy-equipment manufacturer described a positive export trend, which is in line with Daiwa's export trackers, the analysts say, citing Sany's management comments at a recent nondeal roadshow. Shares are 0.4% lower at CNY15.63. 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