＜Research＞Daiwa Upgrades ZOOMLION (01157.HK) to Buy, Cuts TP to $5.9

　　Daiwa released a research report expecting that ZOOMLION (01157.HK) -0.020 (-0.444%) Short selling $860.48K; Ratio 1.175% 's 2Q24 attributable profit to grow by 12% YoY, and adjusted profit to rise by 33% YoY. Daiwa also cut its 2024 EPS forecast by 19%, mainly due to lower-than-expected domestic demand in 1H24 after the Chinese New Year (CNY), etc..

　　However, Daiwa raised its 2025-2026 gross profit margin forecasts for the Company by about 1 ppt each, believing that a new advanced crane plant may be put into operation by the end of 2024, boosting its overseas gross profit margin forecast for its crane business.

　　Daiwa lowered its 2024-2026 EPS forecasts for ZOOMLION by 6-19%, and upgraded the Company to Buy from Outperform. The broker also cut its target price to $5.9 from $6.8. Daiwa was optimistic on the Company outrunning its peers in 2024-2026.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-04 16:25.)

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