Expect an unexciting set of results in 1Q24E, potential recovery in 2H24E

M N 14 May 2024 CMB International Global Markets | Equity Research | Company Update SANY International (631 HK) Expect an unexciting set of results in 1Q24E, potential recovery in 2H24E SANYI is set to report 1Q24E financial data on 16 May (this Thu). We forecast Target Price HK$8.00 SANYI to deliver a ~15% YoY decrease in net profit from a high base, due to (1) (Previous TP HK$8.00) miners’ disciplined capex as a result of the decline in domestic coal production Up/Downside 24.8% in 1Q24; (2) keen competit ...