China Machinery_ Forklifted by Electrification, Overseas Forays_ Initiate Hangcha at Buy, Heli at Neutral
China Securities·2024-11-03 17:16
a E s s e n t i a l s | 31 Oct 2024 05:01:42 ET │ 65 pages China Machinery Forklifted by Electrification, Overseas Forays: Initiate Hangcha at Buy, Heli at Neutral CITI'S TAKE We initiate Anhui Heli at Neutral (TP Rmb19.00) and Hangcha Group at Buy (TP Rmb22.40), respectively China's #1 and #2 forklift companies. Both stocks performed well from Oct'23, led by lower steel prices and robust exports, until May '24, when they reversed course amid China macro and export growth concerns - stemming from higher shi ...