CRCC Delivers 3Q16 Result Amid Better Contract Mix, Lowering Financing Costs and Fair Value Gain
No-moat-rated China Railway Construction Corp, or CRCC, reported in line third-quarter results that represented 65% and 66%, respectively, of our full-year net earnings and revenue estimate. Net income rose 12% year on year to CNY 9.1 billion on favorable project mix, lower financing costs, and a fair value gain while revenue growth increased a less-than-expected 2.6% year on year to CNY 423 billion subdued by uncertainties over the value-added tax, or VAT, reform. Despite the weaker-than-expect...
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