Sinotruk: Strong Export Momentum, Earnings Upgrades and Dividend Support Underscore Buy RatingWe upgrade Sinotruk to BUY from Hold as we believe the HDT export growth outlook is more extensive and sustainable than what we expected, in particular the penetration into the European market (through cooperation with Steyr Automotive, Austria). We revise up our 2026E-27E earnings forecasts by 28%/36%, due largely to higher export volume assumptions. Despite a share price rally of >50% YTD with earnings multiple exceeding historical average, we see further upside potential as the re-rating on overseas market potential will likely continue. Our new TP of HK$46 is based on 8.4x 2026E EV/EBITDA (previously HK$20.4; 5x 2025), equivalent to the historical average +1.5SD in order to reflect the export growth potential.