CRCC Growth Prospects Intact With Full-Year New Orders Up 28%; FVE Maintained at HKD 11
No-moat China Railway Construction's, or CRCC's, full-year new orders increased 28% year on year, driven by robust expressway and municipal projects growth. The profitable real estate and manufacturing sectors also saw solid demand, implying continuous margin expansion ahead. We maintain our fair value estimate of HKD 11 per share and consider shares fairly valued at the current market price.Full-year new orders for 2016 increased 28% year on year to CNY 1.21 trillion, or roughly 1.9 times our ...
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