Guangshen’s 2018 Result Implies a Net Loss in 4Q; Cutting FVE to CNY 5.80, Shares Remain Undervalued
We lower our fair value estimate for Guangshen to HKD 5.80 per share from HKD 6.30, following the company’s full-year 2018 result that was below our expectations. Net profit fell 23% year over year to CNY 784 million, pointing to a net loss of 180 million in the fourth quarter. We think the significant miss was primarily driven by the negative impact from the change of settlement method on freight transport, while rising overhaul and repair costs also dampened margins. Core operating performance...
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