External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>What’s new? China Construction Machinery Association (CCMA) released last night (12 Oct) the data for earth-moving machinery sales in Sep.</li><li>Exports of both excavators and loaders grew 21% YoY. Domestic sales of excavators grew 7% YoY, improving from ~4% growth in Jul and Aug.</li><li>Domestic sales of wheel loaders grew 14% YoY in Sep, with growth rate similar to that in Aug. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

What’s new? China Construction Machinery Association (CCMA) released last night (12 Oct) the data for earth-moving machinery sales in Sep.Exports of both excavators and loaders grew 21% YoY. Domestic sales of excavators grew 7% YoY, improving from ~4% growth in Jul and Aug.Domestic sales of wheel loaders grew 14% YoY in Sep, with growth rate similar to that in Aug. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Decent Export Growth of Earth-Moving Machinery in Sep...

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Bottom-Up

<ul>
<li>The market is underestimating <a href="https://www.smartkarma.com/entities/lonking-holdings-limited" target="_blank" data-smartkarma-citation="entities:3944:1" rel="noopener">Lonking (3339 HK)</a>'s earnings, with consensus forecasts pointing to an 8.5% decline in 2H26. Instead, industry wheel loader sales grew 30.8% in Jul. </li>
<li>Its net cash surged 2.8x in the last ten years, and by end-FY26, it will reach Rmb8.2bn, or 73.9% of its current market capitalisation.</li>
<li>FY26-28F average ROE will reach 12.4%, the highest in the last five years, justifying its 0.9x P/B. Ex-net cash, its FY25 ROE will instead be 23.5%.</li>
</ul>


The market is underestimating Lonking (3339 HK)'s earnings, with consensus forecasts pointing to an 8.5% decline in 2H26. Instead, industry wheel loader sales grew 30.8% in Jul. 
Its net cash surged 2.8x in the last ten years, and by end-FY26, it will reach Rmb8.2bn, or 73.9% of its current market capitalisation.
FY26-28F average ROE will reach 12.4%, the highest in the last five years, justifying its 0.9x P/B. Ex-net cash, its FY25 ROE will instead be 23.5%.


Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/sany-heavy-industry-co-ltd-class-h">Sany Heavy Industry</a> is a dominant player in China's construction machinery market, particularly in excavators, and is rapidly expanding its international footprint, with overseas revenue now accounting for a significant portion of total turnover.</li>
 <li>The company is strategically focused on a "Three Transformation"strategy emphasizing globalization, digitalization, and decarbonization. This includes significant investment in R&amp;D for electric and autonomous machinery, which is becoming a core growth engine.</li>
 <li>Financial performance has shown strong growth in revenue and profitability, supported by robust cash flow. However, the company remains exposed to the cyclicality of the construction industry and its heavy reliance on the Chinese property and infrastructure sectors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Sany Heavy Industry is a dominant player in China's construction machinery market, particularly in excavators, and is rapidly expanding its international footprint, with overseas revenue now accounting for a significant portion of total turnover.
  The company is strategically focused on a "Three Transformation"strategy emphasizing globalization, digitalization, and decarbonization. This includes significant investment in R&amp;D for electric and autonomous machinery, which is becoming a core growth engine.
  Financial performance has shown strong growth in revenue and profitability, supported by robust cash flow. However, the company remains exposed to the cyclicality of the construction industry and its heavy reliance on the Chinese property and infrastructure sectors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Sany Heavy Industry (6031 HK) - Aug 2026

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lonking-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3944:1" rel="noopener">Lonking Holdings (3339 HK)</a>, as the leader in wheel loader, should see strong profit as industry sales grew 30% in Dec 2025 and 18.4% in FY25.</li>
<li>Export will be an important driver with the government's push for overseas expansion of high-end manufacturing. In FY25, industry export sales reached 51.5% of total. </li>
<li>Net cash, including investments, equals HK$2.06/share, 66.8% of the share price. This provides room for higher dividend and highlight its value. </li>
</ul>



Lonking Holdings (3339 HK), as the leader in wheel loader, should see strong profit as industry sales grew 30% in Dec 2025 and 18.4% in FY25.
Export will be an important driver with the government's push for overseas expansion of high-end manufacturing. In FY25, industry export sales reached 51.5% of total. 
Net cash, including investments, equals HK$2.06/share, 66.8% of the share price. This provides room for higher dividend and highlight its value. 


Lonking (3339 HK): Another Great Year, with 67% of Share Price Is Net Cash

<ul><li>China Construction Machinery Association (CCMA) released the non-earthmoving machinery sales data for Aug 2026.</li><li>Exports of truck cranes/ crawler cranes grew 25%/5% YoY, but crane sales declined in China due to the weak domestic investment.</li><li>Looking into 4Q26, we expect the overall machinery growth trend to diverge, with overseas/mining-related machinery to deliver better growth while domestic construction-related machinery to remain sluggish. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Construction Machinery Association (CCMA) released the non-earthmoving machinery sales data for Aug 2026.Exports of truck cranes/ crawler cranes grew 25%/5% YoY, but crane sales declined in China due to the weak domestic investment.Looking into 4Q26, we expect the overall machinery growth trend to diverge, with overseas/mining-related machinery to deliver better growth while domestic construction-related machinery to remain sluggish. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Weak crane sales in Aug due to sluggish China demand

China

Sany Heavy Industry is a Chinese multinational heavy equipment manufacturing company that specializes in manufacturing and marketing construction machinery. Its product range includes concrete machinery, excavators, cranes, road construction machinery, and piling machinery. The company is headquartered in Changsha, Hunan, China, and was founded in 1994.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sany Heavy Industry (6031 HK)

Capital Goods - Decent Export Growth of Earth-Moving Machinery in Sep...

What’s new? China Construction Machinery Association (CCMA) released last night (12 Oct) the data for earth-moving machinery sales in Sep.

CMB International

Lonking (3339 HK): Ballooning Cash

Lonking's 1H26 earnings of Rmb773.1m are at the high end of its profit alert range, implying a 22.4% growth. Gross margin expanded an encouraging...

Osbert Tang, CFA

Primer: Sany Heavy Industry (6031 HK) - Aug 2026

Sany Heavy Industry is a dominant player in China's construction machinery market, particularly in excavators, and is rapidly expanding its...

αSK Primers

Capital Goods - Weak crane sales in Aug due to sluggish China demand

Exports of truck cranes/ crawler cranes grew 25%/5% YoY, but crane sales declined in China due to the weak domestic investment.

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Capital Goods - Decent Export Growth of Earth-Moving Machinery in Sep...

What’s new? China Construction Machinery Association (CCMA) released last night (12 Oct) the data for earth-moving machinery sales in Sep.

CMB International

Lonking (3339 HK): Ballooning Cash

Lonking's 1H26 earnings of Rmb773.1m are at the high end of its profit alert range, implying a 22.4% growth. Gross margin expanded an encouraging...

Osbert Tang, CFA

Primer: Sany Heavy Industry (6031 HK) - Aug 2026

Sany Heavy Industry is a dominant player in China's construction machinery market, particularly in excavators, and is rapidly expanding its...

αSK Primers

Lonking (3339 HK): Another Great Year, with 67% of Share Price Is Net Cash

Just 8 days after our Insight, Lonking issued a FY25 profit alert for Rmb1,250-1,330m, 9-16% higher than the consensus. Key reasons are strong...

Osbert Tang, CFA

Capital Goods - Weak crane sales in Aug due to sluggish China demand

Exports of truck cranes/ crawler cranes grew 25%/5% YoY, but crane sales declined in China due to the weak domestic investment.

CMB International