CRCC Delivered Decent First-Half Result; FVE Maintained at HKD 11.50
No-moat China Railway Construction Corporation, or CRCC, delivered a decent first half, with net income rising 12% year on year to CNY 6.5 billion, mainly on lower tax expense and narrowing fair value loss, while revenue increased by 8.3% year on year to CNY 288 billion. Excluding the one-offs, CRCC’s core earnings would have increased roughly 4.5% year on year and modestly missed our full-year net income growth forecast. In light of robust new-contract growth and improving mix toward higher-mar...
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