Daiwa Securities: Raised target price of China Communications Construction Company to HKD 5.2; raised sales and profit forecast for this year and next.

Morgan Stanley has released a research report, raising the sales forecasts for Zoomlion in 2025 and 2026 by 1% each to reflect the growth in sales of earthmoving and concrete machinery driven by the upward trend in the domestic industry cycle, but lowering the sales forecast for aerial work platform products. The gross margin forecasts are increased by 0.4%, 0.3%, and 0.3% respectively, with corresponding adjustments to earnings per share forecasts by 4%, 2%, and 1%. Morgan Stanley expects global economic recovery and uncertainties in tariff policies to persist, with intensified competition in emerging markets potentially posing challenges to company sales growth. The target price is slightly raised from 5.1 Hong Kong dollars to 5.2 Hong Kong dollars, with a rating of "in line with the market".