CRCC's 1H Result In Line; Better Contract Mix Points to Margin Expansion
There were no major surprises in no-moat China Railway Construction Corp.'s first-half results. Net income rose 9% year on year to CNY 5.8 billion on lower financing costs and increased associate/joint venture contributions, while revenue rose 1.4% year on year to CNY 118.7 billion. While the slower top-line growth was below our expectations, we were nonetheless expecting relative weakness due to the negative impact from China's value-added tax reform. Excluding one-offs such as fair value losse...
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