[ET Net News Agency, 4 September 2017] Credit Suisse raised its target price for
Sinotruk (Hong Kong) (03808) to HK$9.6 from HK$4.8, and maintained its "neutral" rating.
The research house said Sinotruk's 1H net profit rose 477% YoY to Rmb1.4bn, better than
its guidance of +400% YoY. The higher-than-expected operating margin of its engine
business (+12.7 pp YoY to 16.2%) was a key surprise, given notable operating leverage
(volumes up 98% YoY) and a high proportion of high-margin MAN-technology engine.
Sinotruk's strong sales growth momentum continued in 3Q - July 2017 heavy truck sales
rose 85% YoY, followed by August's 89% YoY sales growth (per CVworld statistics). Thus, we
estimated Sinotruk will post 2H earnings of Rmb1.1bn (up 282%), after revising up its
2017-19 net profit estimates by 206-254%. (KL)
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03808 SINOTRUK
Nominal 
19.560 -0.220 (-1.112%) Others
04/09/2017 15:18
[I-bank focus]Credit Suisse lifts Sinotruk (03808) to HK$9.6
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