First Take: CRCC's Solid Fiscal 2016 Result Was In Line With Our Estimate
No-moat China Railway Construction Corp, or CRCC, reported a solid 2016 result that was in line with our estimate. Net profit rose 12% year on year to CNY 13.9 billion, most likely driven by an expanding margin for infrastructure operation (mainly urban rail and metro projects) and a resurgence in real estate activity. 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, we...
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