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<Research>CLSA: SANY INT'L (00631.HK) Continues to Receive Massive Orders for Mining Equipment; Scale Expected to Triple by 2028
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SANY INT'L (00631.HK) continued to receive a large number of orders for mining equipment, according to CLSA's research report. Compared to 2025 scale of approx. RMB5 billion, it is expected that the order scale will triple in 2028. The growth in after-sales service revenue will also contribute to this growth. The book to bill ratio of its port equipment business has reached a historical high, with order visibility extending to 2027. Overall, CLSA forecasted that SANY INT'L's 2024-2027 adjusted net profit will grow by 4x, with more than 50% of the growth coming from overseas markets. Therefore, the broker lifted its target price from $11 to $13, as it raised its PE ratio forecasts from 9x to 11x, with rating reiterated at Outperform. AASTOCKS Financial News Website: www.aastocks.com |
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