April 20, 2024

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[THE INVESTOR] Doosan Infracore’s excavator sales is growing fast in China, said Hana Financial Investment on Sept. 13, maintaining a “buy” recommendation and 10,000 won (US$8.87) target price. 

China has been heavilyinvesting in infrastructure, and it has sold 6,095 excavators in the first half, way past 4,649 for the whole year in 2016. It is expected to reach 120,000 this year, according to a local industry source, said analyst Park Mu-hyeon. 

The company is also faring well in developing markets including Brazil, Russia, India and Southeast Asia where sales hiked 24 percent on-year in the first half, noted the analyst. 

Southeast Asian countries in particular will need more large excavators as they gradually step up investment in infrastructure, he added.

By Hwang You-mee (glamazon@heraldcorp.com)