Key investment ideas: Buy CSR(A)/CNR for metro exposure; Zoomlion/Lonking for attractive valuation 3
3,800km metro lines, Rmb2trn construction spending, and 18,500 new subway cars by 2015 9
Construction machinery – stay cautious... 14
US construction machinery- mixed outlook 22
Japan Construction Machinery – Still bullish, brighter outlook ahead 25
China CNR (601299.SS): RTV business poised to outgrow traditional railways; Up to Buy 27
Disclosure Appendix 34