CRCC's Transformation into One-Stop Infrastructure Service Provider on Track; FVE Raised to HKD 11.5
The no-moat China Railway Construction Corp, or CRCC, reported a solid 2016 result that was in line with our estimate. The net profit rose 12% year on year to CNY 13.9 billion, most likely driven by expanding margin on infrastructure operation (mainly urban rail and metro projects) and resurgence in real estate activities. The 4.8% year-on-year top-line growth to CNY 629 billion marginally missed our expectation, largely a result of the one-off impact of value-added tax, or VAT, reform. For 2017...
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