BofA Securities has issued a research report revising its forecasts for SINOTRUK (03808), increasing the target price from HK$49 to HK$51. The bank has raised its earnings per share (EPS) estimates for the fiscal years 2026 and 2027 by 4% each. The reiterated "Buy" rating is based on SINOTRUK's robust growth in heavy-duty truck exports during the 2026-2027 fiscal period, margin expansion driven by product mix optimization, and an attractive dividend yield of 6% projected for fiscal 2026.

SINOTRUK reported strong export growth to Africa and Southeast Asia in the first quarter of 2026. Management indicated that exports surged 50% year-over-year in Q1 2026, supported by robust demand from the mining and infrastructure sectors in these regions. During the quarter, exports to Africa, Southeast Asia, the Middle East, the Commonwealth of Independent States, and Latin America accounted for 45%, 30%, 10%, and 10% of total export volume, respectively. The export momentum experienced a slight impact from diesel shortages in Southeast Asia and North Africa between April and May. Management maintains its full-year guidance for export volume growth exceeding 15%.