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03808 SINOTRUK
RTNominal down19.220 -0.320 (-1.638%)
Others

05/09/2019 11:04

{I-bank focus}HSBC lowers Sinotruk (03808) to HK$13.7

[ET Net News Agency, 5 September 2019] HSBC Global Research lowered its target price
for Sinotruk (03808) to HK$13.7 from HK$15 and maintained its "hold" rating.
Management expects that the oversupply of logistic trucks in the current economic
situation and a slower recovery of infrastructure activities may put pressure on sales of
heavy-duty trucks (HDTs) in 2H.
HSBC said the cost reduction strategy had a positive impact on margins in 1H, and the
company plans to continue to improve its operating efficiency while investing in R&D to
amplify its product pipeline, particularly for dumpers.
HSBC believes the sales were mainly driven by replacement demand. However, it expects
the stricter implementation of measures to prevent the overloading of concrete mixer
trucks and dumpers to put downside pressure on sales during the summer and that demand for
new trucks will return in the medium term. (KL)

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