[ET Net News Agency, 4 June 2018] Credit Suisse raised its target price for Sinotruk
(Hong Kong) (03808) to HK$8 from HK$7.6, and retained its "underperform" rating as the
current 2018 P/E of 9.6x looks unattractive.
The research house cited CV World noting that heavy-duty truck (HDT) sales in May
increased 17% YoY to 114k units, driven by >40% YoY construction HDT sales growth, because
of double-digit YoY growth in infrastructure investment.
Looking forward, Sinotruk's flat YoY production plan at 16K units for June could be the
signal for volume downturn. Credit Suisse thinks the market has missed out the downside
risk in logistics HDT demand due to the currently slipping highway-freight fee.
It raised its 2018-20 EPS forecasts by 6-7% on 5-8% higher truck/engine volume
assumption. (KL)
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03808 SINOTRUK
Nominal 
19.160 -0.520 (-2.642%) Others
04/06/2018 17:41
[I-bank focus]Credit Suisse raises Sinotruk (03808) to HK$8
| Remark: | Real time quote last updated: 25/04/2024 18:00 |
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