Management has confirmed FY19 guidance for net profit of $790-840m. The company achieved 5% net profit growth in the first quarter, in line with the implied guidance range of 1-8%.
Management has noted construction and services are gaining momentum and the mining sector is strengthening.
Deutsche Bank maintains a Hold rating and $46.15 target.
Sector: Capital Goods.
Target price is $46.15.Current Price is $49.36. Difference: ($3.21) – (brackets indicate current price is over target). If CIM meets the Deutsche Bank target it will return approximately -7% (excluding dividends, fees and charges – negative figures indicate an expected loss).