CRCC Delivered Solid FY17 Result on Effective Cost Management; FVE Retained at HKD 11.5 per Share
The no-moat China Railway Construction Corp, or CRCC, reported a solid 2017 result that was in line with our estimate. The net profit rose 15% year on year to CNY 16 billion on improving project mix, while revenue rose 8% year on year to CNY 680 billion on robust growth across nearly all segments. For 2017, we expect CRCC’s net income and revenue to rise at a more modest rate of 7% and 5%, respectively, as we expect central government’s more prudent fiscal policy stance to weigh on the company’s...
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