UBS: Raises China United Heavy Machinery's target price to HKD 8.95, rating "Neutral"

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UBS released a research report stating that Zoomlion (01157) management indicated that the company mainly benefits from the country’s policies supporting infrastructure investment, the launch of major projects such as the Yarlung Zangbo River downstream hydropower projects and cross-sea channels, as well as the accelerated development of new energy vehicle products. It is expected that domestic sales will experience a moderate recovery during the “14th Five-Year Plan” period. The bank has raised the target price for Zoomlion from HKD 7.8 to HKD 8.95 to reflect the rising overseas demand cycle and further improvement in the company’s asset quality, reaffirming a “Neutral” rating.

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