We adjust our 2016E/17E/18E EPS by -3%/+2%/+2% to factor in the latestloader sales trend. We also introduce quarterly estimates for 3Q16E and4Q16E and for all of 2017E. We do not view these changes as material, andthere is no change to our investment thesis, rating or target price.
Our 12-month target price of Rmb8.1 is derived using 2017E EV/GCI vs.
CROCI/WACC. Key risks include faster/slower-than-expected loader salesand better/worse-than-expected cost control. Stay Neutral.
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