标题：ShantuiData Update： Fine-tuning earnings estimates
发布日期：2016-01-05 14:02:47
内容： Changes and Implications We fine-tune our 2015/16/17E EPS by -2%/-3%/-3% to reflect higheroperating expense ratio assumptions. Our 12-month target price is derived using cycle trough EV/GCI. Key risksinclude higher-than-expected dozer/excavator volume growth. We do not view these changes as material, and there is no change to ourinvestment thesis, rating or price target.
发布日期：2016-01-05 14:02:47
内容： Changes and Implications We fine-tune our 2015/16/17E EPS by -2%/-3%/-3% to reflect higheroperating expense ratio assumptions. Our 12-month target price is derived using cycle trough EV/GCI. Key risksinclude higher-than-expected dozer/excavator volume growth. We do not view these changes as material, and there is no change to ourinvestment thesis, rating or price target.
