高盛 中国基建行业研究报告11.pdf

August 17, 2010 China: Machinery: Construction Research Report An emerging leader at a discounted price: Upgrading Sany Heavy to CL Buy Growth to decelerate but remain positive Upgrade Sany Heavy to Buy, Conviction List COVERAGE SUMMARY While we expect construction machinery sales We upgrade Sany Heavy to Buy from Neutral and Market cap 12-m Target volume growth to decelerate in 2H 2010 and 2011 add it to the Conviction List, with 35% upside Ticker Company ($ mn) Rating price Upside to TP 600031.SS Sany Heavy 8,010 * Buy Rmb 29.8 35% because of a slowdown in construction activity potential to our Rmb29.8 target price. The target 000528.SZ Guangxi Liugong 2,131 Neutral Rmb 21.6 -2%